AISIC Miner Manufacturer Canaan Expands Global Expansion in the Digital Currency Market

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Chinese mining equipment manufacturer Canaan said that the crypto winter did not in any way affect the company’s plans for global expansion in the digital asset market.

Canaan Senior Vice President Edward Lu(Edward Lu), speaking to reporters, said that the company will make every effort to maintain its status as the world's largest manufacturer of cryptocurrency mining equipment. 

Lu noted that his companyprepared for the possible consequences of the so-called crypto winter. Canaan's revenue component is largely based on long-term partnerships with large institutional clients that were "well prepared" for market downturns, says Edward Lu:

“At Canaan, we are accustomed to market downturns andWe consider them a cyclical problem. No one in our organization panicked. We knew this was coming and we were well prepared in terms of products, inventory and cash flow. We don't see any problems that go beyond our expectations."

As an illustration of theirwords the top manager cited the company’s financial results for the first quarter of 2022 as an example. For January-March, Canaan achieved revenue growth of 1.36 billion yuan ($213.9 million), up 236.7% year-on-year, despite logistics problems and supply chain disruptions.

The head of Canaan said
journalists that the company owns its own mining farms in Kazakhstan and plans to expand the list of regions of presence, paying attention to the United States of America.