Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining {hardware} producer, reported its quarterly numbers on Monday. Through the three-month interval that ended on 30 September 2022, the computing options supplier achieved a income of $137.5 million, representing a lower in comparison with the final quarter and the identical interval a 12 months earlier.
The corporate’s revenues slumped greater than 40% quarter-over-quarter (QoQ) and 26% year-over-year (YoY). The web revenue depreciation was much more acute and the numbers dropped 90% QoQ to $8.6 million.
“The bitcoin mining market deteriorated in the course of the third quarter, because the bitcoin worth fluctuated and additional dipped to round sixteen thousand {dollars} lately. The unfavorable market dynamics have considerably hindered bitcoin miners’ revenues and money flows. As miners are compelled to chop their demand for computing energy, we needed to alter down our promoting worth in response,” Nangeng Zhang, the Chairman and Chief Government Officer of Canaan, commented.
“Wanting ahead, we face a really powerful trade interval because the bitcoin worth 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.”
Canaan makes use of the interval of extended ‘cryptocurrency winter’ to develop new instruments to extend miners’ productiveness and profitability. The corporate offered a brand new mining machine sequence over the last quarter, dubbed AvalonMade13. As part of the event technique, the producer expanded its Singapore base of execs and mining enterprise by allocating its machines to the US.
Crypto Miners in Rising Ache
Hut 8 Mining Corp. (HUT), one of many main cryptocurrency miners, reported its quarterly numbers final week and confirmed a steep decline in income of 63% from CAD 50.3 million to CAD 18.6 million.
The corporate’s shares have misplaced about 80% for the reason that starting of the 12 months, together with different publicly traded miners, like HIVE Blockchain Applied sciences Ltd. (HIVE) or Riot Blockchain Inc. (RIOT). Canaan is slipping by ‘solely’ 48% year-to-date (YTD), whereas bitcoin itself is shedding 64% and is at present buying and selling under $17,000.
Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining {hardware} producer, reported its quarterly numbers on Monday. Through the three-month interval that ended on 30 September 2022, the computing options supplier achieved a income of $137.5 million, representing a lower in comparison with the final quarter and the identical interval a 12 months earlier.
The corporate’s revenues slumped greater than 40% quarter-over-quarter (QoQ) and 26% year-over-year (YoY). The web revenue depreciation was much more acute and the numbers dropped 90% QoQ to $8.6 million.
“The bitcoin mining market deteriorated in the course of the third quarter, because the bitcoin worth fluctuated and additional dipped to round sixteen thousand {dollars} lately. The unfavorable market dynamics have considerably hindered bitcoin miners’ revenues and money flows. As miners are compelled to chop their demand for computing energy, we needed to alter down our promoting worth in response,” Nangeng Zhang, the Chairman and Chief Government Officer of Canaan, commented.
“Wanting ahead, we face a really powerful trade interval because the bitcoin worth 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.”
Canaan makes use of the interval of extended ‘cryptocurrency winter’ to develop new instruments to extend miners’ productiveness and profitability. The corporate offered a brand new mining machine sequence over the last quarter, dubbed AvalonMade13. As part of the event technique, the producer expanded its Singapore base of execs and mining enterprise by allocating its machines to the US.
Crypto Miners in Rising Ache
Hut 8 Mining Corp. (HUT), one of many main cryptocurrency miners, reported its quarterly numbers final week and confirmed a steep decline in income of 63% from CAD 50.3 million to CAD 18.6 million.
The corporate’s shares have misplaced about 80% for the reason that starting of the 12 months, together with different publicly traded miners, like HIVE Blockchain Applied sciences Ltd. (HIVE) or Riot Blockchain Inc. (RIOT). Canaan is slipping by ‘solely’ 48% year-to-date (YTD), whereas bitcoin itself is shedding 64% and is at present buying and selling under $17,000.
