Canaan Technology Reports 135.9% Revenue Surge Driven by Bitcoin Mining

Cryptocurrency mining firm Canaan Technology has released its unaudited first-quarter financial report, revealing a significant surge in revenue driven by its Bitcoin self-mining business. The company's total revenue for the first quarter reached $82.78 million, surpassing the previous financial forecast guidance of $75 million and marking a 135.9% year-over-year increase. This substantial growth underscores the company's strong performance in the cryptocurrency mining sector.

The financial report highlights that Canaan Technology's total sales hash rate for the first quarter reached 5.5 million TH/s, representing a 62.6% year-on-year increase. This increase in hash rate indicates the company's enhanced mining capabilities and its ability to compete effectively in the market. Additionally, the company achieved notable results in its self-mining operations, with first-quarter mining revenue reaching $24.25 million, a 131.9% year-on-year increase. During this period, Canaan Technology mined a total of 259 bitcoins, with an average revenue per bitcoin of $93,466.

In terms of gross profit, Canaan Technology reported a first-quarter gross profit of approximately $650,000. This is a significant improvement compared to the gross loss of $37.33 million reported in the same period last year. The turnaround from a substantial loss to a profit margin reflects the company's successful strategic adjustments and operational efficiencies. This financial performance demonstrates Canaan Technology's resilience and adaptability in the volatile cryptocurrency market, positioning it for continued growth and success in the future.