Canaan Inc. reported income of $269.3 million in 2024, with Bitcoin mining income rising 312% year-on-year to $44 million. The corporate has additionally expanded its North American mining footprint, secured new contracts in Pennsylvania and Texas, and added 4.7 EH/s of computing energy.
Canaan stories $269 million in income
Canaan Inc., a producer of Crypto Mining {Hardware}, launched its monetary leads to 2024, exhibiting robust development in each income and Bitcoin mining. The corporate generated $269.3 million in complete income, up 27.4% from 2023, whereas Bitcoin Mining contributed $44 million. The corporate presently owns 1,292.5 BTC, additional strengthening its crypto reserves.
Within the fourth quarter alone, Canaan scored $88.8 million, a bounce of 80.9% from the earlier yr. Mining revenues rose 312.5% to $15.3 million, with 186 BTC mined at a mean value of $82,174. The corporate additionally set a report excessive in gross sales of computing energy, reaching 9.1 million Th/s.
Chairman, Chairman, CEO Canan“Wanting again on the previous yr, we have now maintained our dedication to offering top quality, personalized mining options, such because the high-performance A15 sequence. With unwavering confidence within the long-term potential of Bitcoin, we’re dedicated to operational excellence, selling the position of key gamers within the Bitcoin ecosystem.”
Canaan can also be increasing the presence of mining in North America. On March 26, the corporate introduced a contract with Mawson Internet hosting LLC with one other companion, securing its mining operations in Pennsylvania and Texas. These contracts are anticipated so as to add 4.7 EH/s of computing energy by the 2025 quarter.
With expanded mining infrastructure and record-breaking gross sales, Canaan goals to solidify its place as a key participant within the Bitcoin mining business.
