According to the results of the fourth quarter of 2022, the revenue of the Chinese manufacturer of equipment for the production of cryptocurrencies Canaan decreased by 59.9% compared to the previous reporting period and amounted to $ 56.8 million. At the same time, the fall was not so huge for the year and the company’s income decreased by only 12.2% amounting to $ 634.9 million.
In the fourth quarter, the company sold equipment with a total hashrate of 1.9 million TH/s, down 82.1% compared to the corresponding period in 2021.
Canaan’s fourth-quarter mining revenue increased 16.3% to $10.5 million quarter-on-quarter and 368.2% year-over-year. At the same time, the company’s total revenue from bitcoin mining in 2022 amounted to $31.7 million.
According to Canaan Chairman and CEO Nangeng Zhang, the fall in the price of bitcoin in the fourth quarter led to a decrease in demand for mining equipment, but the company coped with the difficulties.
Following the release of the report, Canaan shares fell 8.39% to $2.51.
Source: Cryptocurrency
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