Canaan’s Q4 revenue more than doubled last year

JH Kim

Summary

Canaan’s Q4 revenue last year rose 121% from a year earlier to $196 million, marking the largest quarterly figure in the past three years, it said.
Canaan mined 300 BTC in Q4 for about $30.4 million in mining revenue, and said it continues its asset-accumulation strategy, holding 1,750 BTC and 3,951 ETH.
Canaan said it plans to pursue a diversification strategy that shifts its focus beyond mining hardware to the computing and energy infrastructure space.

Canaan, a manufacturer of Bitcoin (BTC) mining hardware, reported that its revenue in the fourth quarter of last year more than doubled year on year. The increase reflects both higher sales of mining rigs and income from its self-mining operations.

On the 10th (local time), crypto-focused media outlet The Block cited Canaan’s earnings report, saying the company posted Q4 revenue of $196 million last year. That marked a 121% increase from the same period a year earlier, the largest quarterly figure in the past three years.

Over the same period, Canaan’s Bitcoin output was tallied at 300 BTC. It generated about $30.4 million in mining revenue, indicating that the mining business contributed in part to the overall improvement in results.

Its asset holdings also expanded. As of the end of December last year, Canaan was estimated to hold 1,750 BTC and 3,951 ETH. This shows the company is continuing its strategy of accumulating assets through its own mining.

Canaan also commented on its future business direction. The company said, "We plan to move beyond a mining-hardware-focused business and place greater emphasis on the computing and energy infrastructure space," underscoring its diversification strategy.