Cryptocurrency mining giant Canaan continues to generate significant revenues from crypto operations despite the ongoing crypto mining crisis. Canaan’s total revenue for the first nine months of 2022 was roughly 4 billion Chinese yuan (RMB), or about $573 million, a spokesperson for Canaan told Cointelegraph. As the firm expects to generate another 310 million RMB ($46 million) in Q4, the total annual revenues is expected to amount to 4.3 billion RMB ($619 million). The amount is down around 14% from Canaan’s RMB-denominated revenue of 4.9 billion RMB last year. In USD, the total revenues were down about 21% from $783 …

Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO. Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted. The company’s revenues dropped about 41% from 1.7 million RMB ($230,000) in Q2 2022, while gross profit plummeted 75% from 940 million RMB ($130 million) posted in the …

2022 has been an exceptionally rough year for the crypto market, and the last few months of Bitcoin’s (BTC) price action could be a sign that bears aren’t even close to being ready to let up. Crumbling crypto prices also equate to diminishing profits for Bitcoin miners and this week’s regulatory action by the United States lawmakers requesting energy consumption data from four major BTC mining companies is bound to exert a bit more pressure on an already fragile situation. Despite the increasingly bearish climate, most of the Bitcoin miners Cointelegraph has spoken to are incredibly optimistic about Bitcoin’s short …

Major Chinese cryptocurrency miner manufacturer Canaan appears to have no issues with the local ban on crypto, as the company’s overall performance has continued to grow in 2022. Canaan officially announced financial results for the second quarter of 2022 on Thursday, reporting a 117% increase in gross profit from the same period of 2021. According to the firm, the Q2 profits amounted to 930 million renminbi (RMB), or nearly $139 million. The company’s Q2 net income was 608 million RMB, or $91 million, or a 149% increase from 425 million RMB in the same period last year. Canaan noted that …

The price of Bitcoin (BTC) cratered below $43,000 on Thursday in a selloff that was stoked by the Federal Reserve’s renewed pledge to start unwinding its pandemic stimulus support. For the so-called diamond hand investors among us, the decline presents an attractive entry point to continue accumulating BTC at discount rates. 2021 was the year that institutions and corporations became major movers and shakers in the Bitcoin market. By the end of the year, corporations and investment funds held roughly 1.48 million BTC, which represents 7% of the current circulating supply. Do you think these large, strategic investors are going …

Despite the price decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded significant business gains during the period. According to Canaan’s unaudited Q2 financials published on Tuesday, the company recorded over $1 billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker. Indeed, Canaan’s Q2 revenue represents a 168% increase from the figures reported in its first-quarter financials and a 507.3% jump when compared to Q2 2020. Total revenue was not the only quarterly improvement in Q2 as the report showed $37.9 …

The United States-based Bitcoin (BTC) mining company Genesis Digital Assets continues to grow its cryptocurrency mining power with a fresh deal with Chinese crypto mining giant Canaan. Genesis announced on Tuesday that it has secured a purchase order for 20,000 Bitcoin miners from Canaan. In conjunction with the new purchase, Canaan has also granted Genesis an opportunity to buy up to 180,000 additional BTC mining machines. Genesis co-founder and executive chairman Abdumalik Mirakhmedov noted that the new batch of Bitcoin miners will help the firm to further expand its mining operations in North America and the Nordics. He added that …

The CEO of Nasdaq-listed Canaan Inc, a China-based firm that specializes in Bitcoin (BTC) mining equipment, argued that China’s Bitcoin mining ban should make allowances for green-energy users during a conference call on Tuesday. Zhang Nangeng said that an indiscriminate ban on Bitcoin mining failed to take into account the potential economic benefits that could arise from embracing green-energy mining. Zhang stated that mining could present a solution to the oversupply of electricity in certain regions of the country, where resultant low energy prices already attract miners. “For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely …

Bitcoin’s bullish 2020 closeout was not enough to prevent Canaan from incurring a net loss in 2020. According to the company’s unaudited financial report for Q4 2020, the Bitcoin (BTC) miner maker’s net loss for 2020 was about $33 million. However, Canaan’s 2020 net loss is significantly lower than the $148 million recorded in 2019. Indeed, the reduction in net loss for Canaan was a common theme across the company’s quarterly performance in 2020. As previously reported by Cointelegraph, significant growth in gross margin on the sale of mining rigs helped the company lessen its year-on-year net loss by over …

The share price of Chinese Bitcoin mining company Ebang continues to fall, while the firm refutes claims made in a Hindenburg Research report that alleged it was pilfering American investors’ cash. The Hindenburg Research report, published on Tuesday, described Ebang as “simply the latest chapter in the ‘China Hustle’ disguised as a Bitcoin mining play.” The report alleges that Ebang raised hundreds of millions of dollars through public offerings in the United States under the guise of operating as a Bitcoin (BTC) mining company. The money raised in the funding rounds was reportedly funneled out of the company in “a …

Canaan, one of the earliest manufacturers of Bitcoin (BTC) ASIC miners, has released the Avalon Immersion Cooling Miner A1066I, a device designed to be liquid-cooled. Unlike traditional air-cooled devices and common types of liquid cooling for enthusiast PCs, the A1066I’s electrical components are submerged in a special dielectric fluid that carries heat away directly from the boards. Dielectric fluids are specially engineered to insulate the components and avoid the corrosion damage and short-circuiting that would occur with standard water or other types of fluids. This is also different from liquid cooling based on water blocks, where a special heat exchanger …

At the beginning of this unusual and sometimes difficult year, the cryptocurrency world reminisced about the crypto mining boom and whether it was now over. But soon, the fears were washed away as large companies registered on Nasdaq expressed clear interest in mining Bitcoin (BTC) for additional earnings. It has been said more than once that this year’s sharp rise in mining is directly related to the significant increase in cryptocurrency prices. During the summer, Bitcoin could be bought at just above $10,000; now, it’s priced at well over double the amount. Altcoins are not lagging behind, either. Ether (ETH) …