The income of the manufacturer of ASIC Mainers Canaan collapsed on 82% – Bits Media

The Chinese manufacturer of the Canaan ASIC Mainers submitted a report on financial results in the US Securities and Exchange Commission (SEC), from which it follows, that the company's income over the last quarter of the year collapsed by 82%.

The report reports, that the company's revenue for October-December compiled $56,8 million, and the loss for the same quarter has reached $63,6 million. For comparison, A year earlier, the company reported for the fourth quarter 2021 years about net profit in the amount $182 million.

The company is also engaged in mining on its own. During the year, the income from the production of cryptocurrencies from Canaan grew on 368,2% And achieved $10,46 million.

“To remain stable against the background of the fall of the market, we improve and develop our mining business. At the end of February, the overall hash of our equipment reached 3,8 Exaches per second. We have made large -scale investments in the development of our mining business, launched farms in those regions of the world, where they offer more favorable conditions ", - said the Chairman of the Board and CEO of Canaan Nangen Zhang (Nangeng Zhang).

As emphasized by the financial director of Canaan Jin Cheng (Jin Cheng), The company's losses are associated with the reorganization of business and the development of new equipment samples. The indicators also affected the general fall of the cryptocurrency market.

In November last year, it was reported, that Canaan significantly expands its activities.