Chinese language cryptocurrency mining agency Canaan will proceed to increase operations regardless of the continuing bear market and an related drop in earnings, in response to the corporate’s CEO.
Canaan posted a 90% over-the-quarter lower in web revenue in Q3 2022, the agency formally announced on Nov. 14. The agency’s Q3 web revenue amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% lower from the identical interval in 2021, Canaan famous.
The corporate’s revenues dropped about 41% from 1.7 million RMB ($230,000) in Q2 2022, whereas gross revenue plummeted 75% from 940 million RMB ($130 million) posted within the earlier quarter.
Amid Bitcoin (BTC) mining turning into much less worthwhile as a result of crypto winter, Canaan’s mining gadgets have additionally skilled a major decline in demand. In keeping with the newest financials, Canaan offered a complete 3.5 million terahashes per second (Th/s) of computing energy in Q3, or 37% lower than within the earlier quarter.
Regardless of a downward pattern in its newest monetary report, Canaan doesn’t plan to decelerate the corporate’s progress. Quite the opposite, Canaan continues to scale its operations internationally, together with analysis and growth tasks in addition to mining operations, CEO Nangeng Zhang mentioned.
“As a part of our ongoing effort to strengthen our analysis and growth capabilities, we’re increasing our Singapore headquarters with promising native analysis and growth skills to assist assist our enterprise on a world scale,” Zhang famous.
He additionally mentioned that Canaan has been increasing its mining enterprise in the USA this 12 months, including:
“We face a really powerful business interval because the Bitcoin value is sinking to lows the market has not seen in two years. Our precedence is to preserve our money, decrease our bills, and endure this market downturn.”
Aside from scaling worldwide, Canaan has been engaged on new mining options this 12 months. In October, Canaan formally released its new mining machine sequence, AvalonMade 13. The brand new sequence is predicated on the superior application-specific built-in circuit know-how, together with two fashions that includes 110 Th/s and 130 Th/s hash charges.
Canaan didn’t instantly reply to Cointelegraph’s request for remark.
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“The launch of the brand new technology product reaffirms our confidence within the basic worth of the Bitcoin ecosystem and displays our fixed efforts within the analysis and growth of supercomputing know-how,” Zhang said.
As beforehand reported by Cointelegraph, Canaan posted a 117% enhance in gross revenue in Q2 2022 over the identical interval in 2021. The corporate nonetheless anticipated a deterioration in financials as a result of ongoing bear market.
