Canaan Inc. Reports 120.9% Revenue Surge and 147 Bitcoins Mined in Q3 2024

COINOTAG News reports that on November 20, Canaan Inc. (NASDAQ: CAN) disclosed its unaudited financial results for the third quarter, concluding on September 30, 2024. The firm’s total revenue surged to $73.61 million, reflecting a remarkable year-on-year growth of 120.9%. Furthermore, Canaan’s mining power sales reached approximately 7.3 million Thash/s, marking a significant increase of 93.8% compared to the previous year. In mining activity, the company generated $8.96 million by mining 147 Bitcoins, achieving an average revenue of $61,034 per Bitcoin. Despite these gains, Canaan reported an operating loss of $56.84 million, though this figure indicates a 49.6% year-on-year reduction in losses. By the end of the quarter, the company held 1,231.3 Bitcoins, with a fair value for its crypto assets and receivables totaling $79.02 million.