Chinese language cryptocurrency mining agency Canaan will proceed to develop operations regardless of the continuing bear market and an related drop in earnings, in accordance with the corporate’s CEO.
Canaan posted a 90% over-the-quarter lower in internet revenue in Q3 2022, the agency formally introduced on Nov. 14. The agency’s Q3 internet 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 changing into much less worthwhile because of the crypto winter, Canaan’s mining units have additionally skilled a major decline in demand. In response to 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 development. Quite the opposite, Canaan continues to scale its operations the world over, together with analysis and growth tasks in addition to mining operations, CEO Nangeng Zhang stated.
“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 worldwide scale,” Zhang famous.
He additionally talked about that Canaan has been increasing its mining enterprise in america this yr, including:
“We face a really robust 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, reduce our bills, and endure this market downturn.”
Other than scaling worldwide, Canaan has been engaged on new mining options this yr. In October, Canaan formally launched its new mining gadget 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 Thash/s and 130 Thash/s hash charges.
Canaan didn’t instantly reply to Cointelegraph’s request for remark.
Associated: Bitcoin miners ‘subsequent set off’ for BTC value crash as outflows hit multi-month highs
“The launch of the brand new technology product reaffirms our confidence within the elementary 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% improve in gross revenue in Q2 2022 over the identical interval in 2021. The corporate nonetheless anticipated a deterioration in financials because of the ongoing bear market.
