Canaan plans to increase bitcoin mining in the U.S.

Canaan ramped up its bitcoin mining investments in Q3, lowering net income.
China-based Canaan, which is one of the leading manufacturers of bitcoin mining equipment along with Bitmain, told about its operating results for the quarter that ended Sept. 30.
The company posted a net profit of ¥61.1 million ($8.6 million), down 90 percent from Q2 and 88.1 percent from the comparable 2021 period. That decline was more than double the decline in revenue, which sagged 40.8% compared to Q2, but was down a smaller 25.8% when compared to Q3 2021.
The decline in revenue was logical against the backdrop of lower demand for bitcoin miners in the presence of an oversupply of used equipment with large discounts. At the same time, the more significant decline in net income confirms Canaan’s desire to invest Canaan’s desire to invest in its own bitcoin mining – a line of business they are developing in the U.S.
As a result, Canaan’s bitcoin mining revenue even grew in Q3, despite the bitcoin bear market: during July-September it rose 19%, from RMB 52.1 million in Q2 to RMB 62 million (RMB 8.7 million), thereby exceeding the net income from all operations of this corporation by gross margin.
Compared to Q3 Canaan’s bitcoin mining by a monetary indicator grew by 1002.7%, which the company attributed to “an increase in the corporation’s bitcoin mining capacity, as well as improved power conditions for corporate miners.

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