In accordance with a brand new submitting with the U.S. Securities and Alternate Fee on Mar. 7, Canaan, a Chinese language Bitcoin (BTC) miner and producer of application-specific built-in circuit (ASIC) mining machines, reported that its income decreased by 82.1% Y/Y to $56.Eight million in This autumn 2022. In the course of the quarter, Canaan offered 1.9 million terahash per second price of computing energy for Bitcoin mining, not accounting for decrease ASIC costs, representing a 75.8% decline from This autumn 2021.
On the similar time, Canaan’s mining income improved 368.2% 12 months over 12 months to $10.46 million. As instructed by Nangeng Zhang, chairman and CEO of Canaan:
“To mitigate demand dangers through the market downturn, now we have been diligently bettering and growing our mining enterprise. Our efforts yielded extra progress in early 2023 with 3.Eight EH/s hash charge put in for mining as of the tip of February. Accordingly, now we have made decisive investments in bolstering our manufacturing capability and increasing our mining operations to extra diversified geographic areas that provide advantageous situations.”
Regardless of the phase’s success, nevertheless, Canaan’s internet earnings swung to a $63.6 million loss in This autumn 2022 in comparison with a revenue of $182.zero million in This autumn 2021. As instructed by Jin Cheng, Chief monetary officer of Canaan, the loss was as a result of stock write-downs and analysis bills associated to its new fleet of ASICs.
“Contemplating very tender market demand and low promoting value, we incurred an extra stock write-down of RMB205.Three million, which additionally dampened our gross margin. Along with one-time increased analysis and improvement bills regarding the tape-out for our A13 collection, our backside line suffered losses through the quarter.”
For the total 12 months, the agency’s income decreased by 13.8% to $634.9 million, primarily as a result of higher business situations in Q1 and Q2 2022. The agency at present has $706 million in whole property in comparison with $67 million in whole liabilities.