October 25, 2020

Canaan Creative posted $ 13 million profit for Q3 2019

Canaan Creative, the world's second largest mining device maker, earned about $ 13 million in net profit for the third quarter of 2019 due to an increase in the price of bitcoin.

In the updated application for the initial publicA public offering (IPO) in the United States, the company reported that for the third quarter of this year, it managed to make a profit of $ 13 million with revenue of $ 95 million. Thus, compared with the same period last year, profit growth was 40%.

Canaan officially filed for an IPO in the US inlast month, which was the company's third public offering after two previous applications filed in China and Hong Kong were rejected.

Bitcoin price increases since the beginning of this year led toAvalon miners' sales growth, and market demand exceeded the firm's offer. The bulk of Canaan's sales so far come from older Avalon 8 series products - 265,756 units sold. For the latest A9 and A10 models, sales were 88,034 and 56,556 devices, respectively.

In the application, Canaan noted that in the first nineIn the months of 2019, the company sold devices with a total processing power of 7.59 exheshes per second - approximately 8% of the current Bitcoin network hash.

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