Canaan Technology (CAN.US) raises Q4 revenue guidance, up nearly 11% before market open.

Canaan Technology (CAN.US) announced on Monday that it expects its total revenue in Q4 to be approximately $89 million, up from the previous guidance of $80 million. Additionally, the company expects its total loss to be between $6 million and $10 million, reflecting the improvement in market demand and optimization of costs. In February, Canaan Technology mined 82 bitcoins; in January, it mined 88 bitcoins, and in December, it mined 62 bitcoins. Shares of the company rose 10.69% to $1.45 at the time of writing on Monday before the market opened.

Canaan Technology CEO Nangeng Zhang stated: "Our joint mining cooperation with Luna Squares is still on schedule, and we expect to further deploy machines in March. These efforts have helped our monthly operating hash rate increase from 5.53EH/s to 5.73EH/s consecutively, and helped us increase our own cryptocurrency balance sheet to 1,355 bitcoins."