June 19, 2024

Canaan Creative posted $ 13 million profit for Q3 2019

The world's second largest manufacturer of mining devices, Canaan Creative, received about $13 million in net profitfor the third quarter of 2019 due to an increase in the price of bitcoin.

In the updated application for initial publicIPO in the US, the company reported that in the third quarter of this year it managed to make a profit of $13 million on revenue of $95 million. Thus, compared to the same period last year, profit growth was 40%.

Canaan has officially filed for an IPO in the US inlast month, marking the company's third attempt to go public after two previous filings 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.