Canaan Inc. reported $269.3 million in income for 2024, with bitcoin mining income surging 312% year-over-year to $44 million. The corporate additionally expanded its North American mining footprint, securing new agreements in Pennsylvania and Texas so as to add 4.7 EH/s of computing energy.
Canaan Experiences $269M in Income
Canaan Inc., a crypto mining {hardware} producer, has launched its monetary outcomes for 2024, showcasing sturdy development in each income and bitcoin mining. The corporate generated $269.3 million in whole income, a 27.4% improve from 2023, with bitcoin mining contributing $44 million. The agency now holds 1,292.5 BTC, additional strengthening its crypto reserves.
Within the 4th quarter alone, Canaan earned $88.8 million, marking an 80.9% year-on-year soar. Mining income surged 312.5% to $15.3 million, with 186 BTC mined at a median value of $82,174. The corporate additionally set a document excessive in computing energy gross sales, reaching 9.1 million TH/s.
Nangeng Zhang, Chairman and CEO of Canaan, mentioned, “Wanting again on the previous yr, we remained steadfast in our dedication to delivering high-quality, custom-made mining options akin to our high-performance A15 collection. With unwavering confidence in bitcoin’s long-term potential, we stay devoted to innovation, operational excellence, and cementing our position as a key participant within the bitcoin ecosystem.”
Canaan can be increasing its mining presence in North America. On Mar. 26, the agency introduced agreements with Mawson Internet hosting LLC and one other associate, securing mining operations in Pennsylvania and Texas. These agreements are anticipated so as to add 4.7 EH/s of computing energy by Q2 2025.
With its rising mining infrastructure and record-breaking gross sales, Canaan goals to solidify its place as a key participant within the bitcoin mining business.
