The Chinese mining-hardware manufacturer Canaan posted a net loss of $33 million for 2020, according to the company’s financial statements.<\/p>\n
For 2020 the company reported aggregate hashrate of 6.6 million TH\/s (down 37.1% from 2019). Canaan’s net revenue was $68.6 million. Annual gross profit fell from $79 million to $5.8 million.<\/p>\n
\n“While the COVID-19 outbreak caused supply-chain disruptions and, in turn, negatively affected our revenues in Q4 2020, our market leadership enabled us to fulfill orders worth $174 million with $66 million in customer deposits as of December 31, 2020,” the document says.<\/p>\n<\/blockquote>\n
The mining-hardware maker expects to improve results in 2021. Canaan projects net revenue of at least $61 million in the first quarter.<\/p>\n
In January 2021 the company introduced a miner<\/a> with an immersion cooling system. The device’s hashrate was 50 TH\/s, and power consumption of 3,400 W.<\/p>\n
In February the Chinese manufacturer agreed to supply 6,000 units of AvalonMiner A1246<\/a> to the blockchain-hosting provider Core Scientific.<\/p>\n
In March, Canaan sold 8,400 devices<\/a> for mining Blockcap’s first cryptocurrency.<\/p>\n
Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2020 Financial Results<\/a> by ForkLog<\/a> on Scribd<\/p>\n