Canaan Inc. reported revenue of $269.3 million for 2024, with bitcoin mining revenue up 312% year-over-year to $44 million. The company also expanded its North American mining operations, signing new contracts in Pennsylvania and Texas that will add 4.7 EH/s of computing power.

Canaan Reports Revenue of $269 Million

Cryptocurrency mining hardware maker Canaan Inc. has released its 2024 financial results, showing significant growth in both revenue and bitcoin mining. The company earned $269.3 million in total, up 27.4% from 2023, with bitcoin mining revenue coming in at $44 million. The firm now holds 1,292.5 BTC, further strengthening its crypto reserves.

Canaan earned $88.8 million in Q4, up 80.9% year-on-year. Mining revenue increased 312.5% to $15.3 million, with 186 BTC mined at an average price of $82,174. The company also achieved a record for hashrate sales, reaching 9.1 million TH/s.

Nangeng Zhang, Chairman and CEO of Canaan , said: “Looking back on the past year, we have remained true to our commitment to providing high-quality, customized mining solutions, such as our high-performance A15 series. With unwavering belief in the long-term potential of Bitcoin, we continue to focus on innovation, operational excellence, and strengthening our position as a key player in the Bitcoin ecosystem.”

Canaan is also expanding its presence in North American mining. On March 26, the company announced deals with Mawson Hosting LLC and another partner to handle mining operations in Pennsylvania and Texas. The contracts are expected to add 4.7 EH/s of computing power by the start of the second quarter of 2025.

With growing mining infrastructure and record sales, Canaan is looking to cement its position as a key player in the Bitcoin mining industry.

Source: cryptonews.net