Mining Company Canaan Reports Q4 Financial Results
Main page Finance, Mining

Crypto mining equipment maker Canaan has reported revenue of $342.8 million during the fourth quarter of 2021.

By way of comparison, this figure is 67% higher than the revenue received during the previous period. Jin Cheng, CFO of the company, said:

"The higher-than-expected top-line result was powered by our business development efforts, which drove the growth of our customer base, enabling us to achieve a larger proportion of spot sales with a higher averaging selling price."

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Canaan sold devices with an estimated combined processing power of 7.7 million TH/s during Q4.

The mining device maker has also reported its 2021 financial results. According to them, its revenue reached $785.5 million, well above the previous year's $447.7 million.

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