Canaan reports record growth in miner sales revenue

Canaan reports record growth in miner sales revenue

In the third quarter of 2021, miner Canaan generated a record $204.5 million in revenue, up 708.2% year-on-year and 21.8% quarter-on-quarter.

The company sold cryptocurrency mining equipment with a total hash rate of 6.7 million TH/s in the three months, increasing sales by 12.9% compared to the second quarter. Year-on-year, capacity sales were up 128.4%.

Steady year-on-year and consistent growth was mainly driven by solid market demand and an increase in the supply of bitcoin mining devices, the press release said.

As of September 30, the firm had $263.6 million in cash and cash equivalents, which have more than tripled since the beginning of the year, mainly due to a large number of advances received from customers, Canaan said.

For the quarter, the company posted a net profit of $72.5 million, an increase of 179.3% over the second quarter. A year ago, Canaan recorded a loss.

Despite the outstanding results, we are also aware of potential risks, including pricing pressures and volatility in component supply, bitcoin volatility, regulatory changes in various countries and others, said Canaan CEO James Jin Cheng.

To pre-empt the impact of negative factors, he said, the company has expanded its partnerships with suppliers, tapped into the mining business and expanded into global markets.

Jack Evans

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I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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