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Mining-Rig Maker Canaan Q1 Revenue More Than Triples | CoinDeskwww.coindesk.com/business/2022/05/19/mining-rig-maker-canaan-q1-revenue-more-than-triples
69 sats \ 3 comments \ @BTCMiner 19 May 2022 bitcoin
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0 sats \ 2 replies \ @BTCMiner OP 19 May 2022
Revenue surged 237% from the year-earlier quarter to $213.9 million.
Net income climbed to $69.7 million.
The Beijing-based company faced a "logistics suspension" caused by Covid-19 lockdowns in China, which delayed shipments and adversely affected its revenue for the quarter, said CEO Nangeng Zhang.
The company held 166.96 bitcoins on its balance sheet as of March 31.
For the full year [of 2021], Canaan posted a $361.2 million profit, compared with a $31.5 million loss in 2020.
At the Bitcoin Conference in Miami in April, the mining machine maker released a new model, the Avalon 1266, which rakes in 100 terahash/second (TH/s) of computing power at 35 joules per terahash (J/T) of power efficiency. That's less than MicroBT's new WhatsMiner M50S, which features 126 TH/s of computing power and 26 J/T efficiency, and Bitmain's new S19 XP Hyd. that can hit 255 TH/s at 20.8 J/T.
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0 sats \ 1 reply \ @BTCMiner OP 19 May 2022
Here's an archive of the CoinDesk article, shared here as it may be easier to read than the article on CoinDesk's website:
Mining-Rig Maker Canaan Q1 Revenue More Than Triples https://archive.ph/HAuae
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0 sats \ 0 replies \ @BTCMiner OP 19 May 2022
Here is the press release announcing the quarter-end results:
Canaan Inc. Reports Unaudited First Quarter 2022 Financial Results https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-first-quarter-2022-financial-results-301550976.html https://www.sec.gov/Archives/edgar/data/1780652/000119312522154432/d349252dex991.htm
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