Mining equipment major Canaan, fourth quarter revenue down 82% ── focus on self-mining rather than sales | coindesk JAPAN | Coindesk Japan

Mining equipment giant Canaan Creative sees 82% year-on-year revenue growth in Q4 2022 as it increasingly focuses on self-mining rather than selling machines It was announced in a press release on March 7 that it was a decrease of 56.8 million dollars (about 7.73 billion yen).

Canaan’s mining revenue for the fourth quarter was $10.5 million, up 368.2% year-on-year. Meanwhile, computing power sold during the same period decreased by 75.8%.

Fourth-quarter net loss per American Depositary Share (ADS) was 38 cents. Net income was 4 cents last quarter and $1 a year ago.

Canaan mining machines experienced sluggish demand in the fourth quarter of 2022 due to the falling Bitcoin (BTC) price.

According to Nangeng Zhang, CEO and chairman of the company, the company is focusing more and more on self-mining “to mitigate demand risks during market downturns.” Canaan has deployed 3.8 exahash per second (EH/s) of computing power as of the end of February, Zhang said.

Canaan expects revenue of $65 million in the first quarter of 2023.

As of this writing, Canaan shares are flat at $2.51 in after-hours trading.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜Original: Crypto Mining Rig Maker Canaan’s Q4 Revenue Sunk 82% to $56.8M