The combination of an expanding customer base and higher average selling price drove the better-than-expected quarter.Read MoreFeedzy
Hangzhou-based Canaan, one of the industry’s largest manufacturers of crypto mining machines, is up 16% in premarket action after reporting a 60% increase in revenue to $342.8M in the fourth quarter.
The company had previously guided for sequential revenue to rise in the 35-50% range.
“The higher-than-expected topline result was powered by our business development efforts, which drove the growth of our customer base, enabling us to achieve a larger proportion of spot sales with a higher averaging selling price,” said CFO Jin Cheng.
The company’s total computing power sold was 7.7 million TH/s in the fourth quarter, up about 15% from 6.7 million TH/s previously..
Canaan expects its total net revenues for the first quarter of 2022 to be higher by 275-300% year-over-year to RMB1,500 million-RMB1,600 million.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
In the last week, Bitcoin has shown much resilience bouncing back above the $60,000 zone…
Crypto research platform 10x Research recently noted that the Bitcoin Relative Strength has jumped to…
Bitcoin is now at a critical junction, which many determine its price trajectory for the…
Arthur Hayes, the co-founder and former CEO of BitMEX, recently shared his thoughts on the…
The Bitcoin price made a strong comeback on Friday after witnessing a significant amount of…
GBTC, the biggest spot bitcoin ETF, has seen its assets under management lead over BlackRock's…