Canaan's Q3 Earnings Soar, Bitcoin Volatility Persists

Canaan Incorporated, a Bitcoin mining company, reported robust third-quarter earnings, with revenues surging to $150.5 million, more than double last years figure. This growth was fueled by a significant increase in mining machine sales and a substantial boost in their own Bitcoin mining operations. Despite a net loss of $27.7 million, the company achieved a gross profit of $16.6 million, marking a significant turnaround from the previous year. Canaan also set a new quarterly record for computing power, selling over 10 exahashes per second. However, Bitcoins value has been volatile, dropping below $90,000 for the first time in seven months, though it has since recovered slightly. Looking ahead, Canaan anticipates revenues between $175 and $205 million for the fourth quarter, indicating continued optimism amidst the fluctuating crypto market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.