- The firm’s loss per share was $0.3
- But at the same time, the company is ramping up bitcoin mining.
- Canaan holds 757 BTC in total
On Tuesday, March 7, Canaan, a Chinese mining equipment manufacturer, summed up the results of the fourth quarter of 2022. Company revenue decreased by 82%, to $56.8 million, compared to the same period in 2021.
It is also well below the revenue the firm received in Q3 ($140.9 million). But at the same time, the achieved value is higher than predicted ($43.59 million).
But the loss per share was higher than expected – $0.3 vs. $0.15. This is not at all surprising given that the total computing power sold decreased by 75.8% (to 1.9 TH / s) year on year.
At the same time, the company continues to actively mine. Revenue in this area amounted to $10.5 million. This is 16.3% more than in the third quarter ($8.9 million).
757 BTC remains on the company’s accounts. This is the new high from 2021:
At the same time, part of the losses in the company is associated with the depreciation of mining equipment at the company’s own facilities. And, of course, do not forget about the protracted recession last year.
The organization has successfully covered the risks associated with falling demand for ASICs through mining. Given this, as well as the current price trend of Canaan shares, it can be assumed that the company is in a stable state.
Earlier, we reported that BTC miner TeraWulf launched a “farm” on completely atomic energy. More details at the link.