Bitcoin miner Canaan scales operations despite low earnings, CEO says

Chinese cryptocurrency mining steadfast Canaan volition proceed to grow operations contempt the ongoing carnivore marketplace and an associated driblet successful earnings, according to the company’s CEO.

Canaan posted a 90% over-the-quarter alteration successful nett income successful Q3 2022, the steadfast officially announced connected Nov. 14. The firm’s Q3 nett income amounted to 61.1 cardinal renminbi (RMB), oregon $8.6 million, which is simply a 88% alteration from the aforesaid play successful 2021, Canaan noted.

The company’s revenues dropped astir 41% from 1.7 cardinal RMB ($230,000) successful Q2 2022, portion gross nett plummeted 75% from 940 cardinal RMB ($130 million) posted successful the erstwhile quarter.

Amid Bitcoin (BTC) mining becoming little profitable owed to the crypto winter, Canaan’s mining devices person besides experienced a important diminution successful demand. According to the latest financials, Canaan sold a full 3.5 cardinal terahashes per 2nd (Th/s) of computing powerfulness successful Q3, oregon 37% little than successful the erstwhile quarter.

Despite a downward inclination successful its latest fiscal report, Canaan does not program to dilatory down the company’s growth. On the contrary, Canaan continues to standard its operations crossed the world, including probe and improvement projects arsenic good arsenic mining operations, CEO Nangeng Zhang said.

“As portion of our ongoing effort to fortify our probe and improvement capabilities, we are expanding our Singapore office with promising section probe and improvement talents to assistance enactment our concern connected a planetary scale,” Zhang noted.

He besides mentioned that Canaan has been expanding its mining concern successful the United States this year, adding:

“We look a precise pugnacious manufacture play arsenic the Bitcoin terms is sinking to lows the marketplace has not seen successful 2 years. Our precedence is to conserve our cash, minimize our expenses, and endure this marketplace downturn.”

Apart from scaling worldwide, Canaan has been moving connected caller mining solutions this year. In October, Canaan officially released its caller mining instrumentality series, AvalonMade 13. The caller bid is based connected the precocious application-specific integrated circuit technology, including 2 models featuring 110 Thash/s and 130 Thash/s hash rates.

Canaan did not instantly respond to Cointelegraph’s petition for comment.

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“The motorboat of the caller procreation merchandise reaffirms our assurance successful the cardinal worth of the Bitcoin ecosystem and reflects our changeless efforts successful the probe and improvement of supercomputing technology,” Zhang stated.

As antecedently reported by Cointelegraph, Canaan posted a 117% summation successful gross profit successful Q2 2022 implicit the aforesaid play successful 2021. The institution inactive expected a deterioration successful financials owed to the ongoing carnivore market.