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The manufacturer of mining equipment Cryptovalut CANAAN reported a revenue of $ 342.8 million for the results of the IV quarter of 2021. The value is 67% higher than the previous reporting period.
Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2021 Financial Resultshttps://t.co/hx4QyMRUQk
— Canaan (@canaanio) March 3, 2022
“The higher-than-expected growth is driven by our business development efforts, which have helped expand our customer base. This allowed us to increase the share of spot sales at a higher average price per TH / s,” said Jin Cheng, CFO of the company.
In the IV quarter, CANAAN implemented devices, the total computing power of which is estimated at 7.7 million th / s.
The equipment manufacturer also presented financial results for 2021. His revenue reached $ 785.5 million. For comparison, the year earlier was $ 447.7 million.
In 12 months, the company sold miners with a total hashrate of 22.3 million TH/s. As of December 31, 2021, it has $421.2 million in cash and cash equivalents on its balance sheet.
Against the backdrop of a positive report, Canaan’s quotes rose by 16% on the premacret, but after the opening of trading, the price of securities corrected. At the time of writing, the manufacturer’s shares are trading near $6.
Hourly CAN/USD chart of the Nasdaq stock exchange. Data: TradingView.
Recall that in November 2021, Canaan reported on the delivery of a batch of 2,000 bitcoin miners of the Avalon model to Kazakhstan.
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