Canaan revenue more than doubles in Q4 as bitcoin miner grows treasury to record levels

Canaan Inc., a leading manufacturer of Bitcoin mining hardware, has reported its financial results for the fourth quarter of 2023, revealing a dramatic surge in revenue and a record-breaking expansion of its cryptocurrency treasury. The company’s total revenue for Q4 reached $49.1 million, representing a substantial 104% increase from the $24.1 million reported in the third quarter of 2023. This growth was primarily driven by a recovery in demand for mining equipment and a strategic shift in sales volume as the market anticipated the Bitcoin halving.

Beyond the revenue milestones, Canaan has significantly increased its Bitcoin holdings to unprecedented levels. As of December 31, 2023, the company’s total bitcoin treasury reached 1,324 BTC, marking the highest level in its history. This strategy highlights Canaan’s long-term confidence in the digital asset’s value. The company also reported that its total computing power sold reached 5.5 million Thash/s during the quarter, a 45.7% increase compared to the previous quarter.

Nangeng Zhang, Chairman and CEO of Canaan, stated that the company’s performance was bolstered by the successful rollout of the Avalon A14 series and the expansion of its self-mining operations in diverse geographical locations. While the company continues to navigate a complex global market and a net loss for the full year, the record-high Bitcoin reserves and the recovery in hardware sales suggest a turning point for the firm. Looking ahead to 2024, Canaan remains focused on technological innovation and optimizing its production capacity to capitalize on the evolving crypto landscape.

Source: Canaan revenue more than doubles in Q4 as bitcoin miner grows treasury to record levels