Miner Maker Canaan Increases its Quarterly Profit by 327%

In the first quarter of 2022, the Chinese manufacturer of mining equipment Canaan enjoyed a gross profit of $130.9 million. Compared to the same period last year, the figure increased by 327.2%.

The company revenue for the quarter was $213.9 million, growth by 236.7% year-on-year. Canaan sold miners with a combined hash rate of 4.3 EH/s vs 2.0 EH/s in January-March 2021.

Nangeng Zhao, CEO of the company, has noted the contribution to strengthening the financial results of increasing sales outside of China, the formation of an overseas service network and a mining business. As of March 31, the company had 166.96 self-mined BTC on its balance sheet.

Canaan FO James Jin Cheng has said:

“We expected lower numbers for the quarter given the sudden suspension of logistics in the second half of March due to anti-COVID measures in the city where our factory and warehouses are located. We are gradually resuming production and shipments, following the guidance of local authorities.”