According to the earnings report for the fourth quarter of 2022 presented by crypto mining device maker Canaan, the company's revenue amounted to $56.8 million, which is a decrease of 59.9% compared to the previous reporting period.
According to the document, the company's annual revenue stood at $634.9 million, down 12.2% from 2021.
The manufacturer sold equipment with a total hashrate of 1.9 million TH/s during the fourth quarter. This is 45.8% lower than the Q3 result and 82.1% lower than the same period in 2021.
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
Canaan's fourth quarter mining revenue was $10.5 million, up 16.3% quarter-over-quarter and 368.2% quarter-over-quarter compared to 2021.
The company's total revenue from mining Bitcoin in 2022 amounted to $31.7 million.
Nangeng Zhang, president and CEO of Canaan, has said:
"We endured a difficult fourth quarter as the drop in the price of Bitcoin during this period led to a decrease in market demand for mining equipment, as we expected."