Chinese cryptocurrency mining firm Canaan continuously expand operations regardless of the ongoing bear market as well as an connected stop by earnings, based on the company’s Chief executive officer.
Canaan published a 90% over-the-quarter reduction in internet earnings in Q3 2022, the firm formally announced on November. 14. The firm’s Q3 internet earnings amounted to 61.a million renminbi (RMB), or $8.six million, that is a 88% decrease in the same period in 2021, Canaan noted.
Their revenues dropped about 41% from 1.seven million RMB ($230,000) in Q2 2022, while gross profit plummeted 75% from 940 million RMB ($130 million) published in the last quarter.
Among Bitcoin (BTC) mining becoming less lucrative because of the crypto winter, Canaan’s mining devices also have possessed a significant loss of demand. Based on the latest financials, Canaan offered a complete 3.5 million terahashes per second (Th/s) of computing power in Q3, or 37% under in the last quarter.
Despite a downward trend in the latest financial report, Canaan doesn’t intend to slow lower their growth. On the other hand, Canaan is constantly on the scale its operations around the globe, including development and research projects in addition to mining operations, Chief executive officer Nangeng Zhang stated.
“As a part of our ongoing effort to bolster our development and research abilities, we’re expanding our Singapore headquarters with promising local development and research talents to assist support our business on the global scale,” Zhang noted.
Also, he pointed out that Canaan continues to be expanding its mining business within the U . s . States this season, adding:
“We face a really tough industry period because the Bitcoin cost is sinking to lows the marketplace hasn’t observed in 2 yrs. Our priority would be to conserve our cash, minimize our expenses, and endure the forex market downturn.”
Aside from scaling worldwide, Canaan has worked on new mining solutions this season. In October, Canaan formally released its new mining device series, AvalonMade 13. The brand new series is dependant on the advanced application-specific integrated circuit technology, including two models featuring 110 Thash/s and 130 Thash/s hash rates.
Canaan didn’t immediately react to Cointelegraph’s request comment.
Related: Bitcoin miners ‘next trigger’ for BTC cost crash as outflows hit multi-month highs
“The launch from the new generation product reaffirms our confidence within the fundamental worth of the Bitcoin ecosystem and reflects our constant efforts within the development and research of supercomputing technology,” Zhang mentioned.
As formerly as reported by Cointelegraph, Canaan published a 117% rise in gross profit in Q2 2022 within the same period in 2021. The organization still expected a degeneration in financials because of the ongoing bear market.
