Canaan Creative, the world's second-largest bitcoin producer, reported net income of 94 million yuan, or about 13 million dollars, in the third quarter of 2019, following the sharp rise in bitcoin prices since last April.

The company disclosed Wednesday in an updated press release of its initial public offering (IPO) application in the US that it had been able to make a profit of $ 13 million on a turnover of 670 million yuan, or $ 95 million. percentage growth compared to the same period last year.

This would give the company a total net loss of $ 31.2 million on a $ 132 million turnover for the nine-month period ending in September of this year as the company recorded a net loss. $ 45.8 million for the first half of 2019.

Canaan officially requested its IPO in the US last month. This was his third attempt at publication after his first two applications in mainland China and Hong Kong, respectively.

The rise in Bitcoin prices since the beginning of the year has propelled sales by Canaan miners, Avalon, allowing market demand to outpace the company's offering.

According to the latest filing, Canaan's main sales volume for 2019 is so far from the previous Avalon 8 series products with 265,756 units sold, while its latest A9 and A10 models have sales volumes of 88 respectively. 034 and 56,556 units.

Overall, Canaan indicated in its report that for the first nine months of 2019, it had sold a computing power of 7.59 exhash per second, which is about 8% of Bitcoin's current network hashing rate. .

President of Canaan Kong Jianping image via CoinDesk

https://www.binance.com/?ref=16820269

Join the Binance global trading platform

Leave a Reply

Your email address will not be published. Required fields are marked *