Canaan Mining Revenue Grows 312%, BTC Stock Reaches 1292 BTC

Canaan Inc. reported revenue of $269.3 million for 2024, with bitcoin mining revenue up 312% year-over-year to $44 million. The company also bolstered its North American mining presence with new contracts in Pennsylvania and Texas that will add 4.7 EH/s of computing power.

Canaan Reports Revenue of $269 Million

Cryptocurrency mining hardware maker Canaan Inc. has released its full-year 2024 financial results, showing significant growth in both total revenue and bitcoin mining revenue. The company earned $269.3 million, up 27.4% from 2023, with bitcoin mining revenue coming in at $44 million. The firm currently holds 1,292.5 BTC, further bolstering its crypto reserves.

Canaan earned $88.8 million in Q4, up 80.9% year-over-year. Mining revenue increased 312.5% to $15.3 million, with 186 BTC mined at an average price of $82,174. The company also set a record for hashrate sales, reaching 9.1 million TH/s.

Nangeng Zhang, Chairman and CEO of Canaan , said: “Looking back on the past year, we have remained true to our commitment to providing high-quality, customized mining solutions like our high-performance A15 series. With unwavering confidence in the long-term potential of Bitcoin, we continue to invest in innovation, operational excellence, and strengthening our position as a key player in the Bitcoin ecosystem.”

Canaan is also expanding its footprint in North American mining. On March 26, the company announced agreements with Mawson Hosting LLC and another partner that will power mining operations in Pennsylvania and Texas. The agreements are expected to add 4.7 EH/s of computing power by early Q2 2025.

With growing mining infrastructure and record sales, Canaan aims to cement its position as a key player in the Bitcoin mining industry.

Source: cryptonews.net