{"id":43567,"date":"2021-06-01T16:32:22","date_gmt":"2021-06-01T13:32:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=43567"},"modified":"2025-08-31T13:00:46","modified_gmt":"2025-08-31T10:00:46","slug":"overseas-customers-accounted-for-78-of-canaans-revenue","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/overseas-customers-accounted-for-78-of-canaans-revenue\/","title":{"rendered":"Overseas customers accounted for 78% of Canaan&#8217;s revenue"},"content":{"rendered":"<p>During January\u2013March 2021, the revenue of the Chinese mining equipment maker Canaan Creative rose 5.9x year-over-year to 402.8 million yuan ($61.5 million). The share of overseas device sales rose from 4.9% to 78.4%, according to the <a href=\"https:\/\/canaan.io\/1098.html\">financial report<\/a>.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">On June 1st, Chinese mining machine manufacturer Canaan disclosed its first-quarter financial report, with revenue of 402.8 million yuan, 78.4% of overseas revenue, and gross profit of 194.2 million yuan, a 21x increase in gross profit from the previous quarter. <a href=\"https:\/\/t.co\/iu9KVZ4TMm\">pic.twitter.com\/iu9KVZ4TMm<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1399672757655281665?ref_src=twsrc%5Etfw\">June 1, 2021<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Gross profit amounted to 194.2 million yuan ($29.6 million), compared with 2.4 million yuan a year earlier and 9.1 million yuan in Q4 2020.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;We have achieved significant progress in expanding the global customer base&#8221;<\/em>, said Canaan&#8217;s Chief Financial Officer Tong He.<\/p>\n<\/blockquote>\n<p>Previously, the majority of the company&#8217;s revenue, as well as that of its rivals Bitmain and MicroBT, was generated by customers in China.<\/p>\n<p>CEO Nangeng Zhang named among the growth drivers the high price of Bitcoin, rising demand for equipment to mine it, and the company&#8217;s ability to scale production and shipments of miners.<\/p>\n<p>As of March 31, the value of contracted but unfulfilled orders stood at 1.21 billion yuan ($184.8 million).<\/p>\n<p>The total hash rate of the equipment sold by the company in Q1 reached 2 million TH\/s, up 122% year-over-year.<\/p>\n<p>Earlier in May, Chinese authorities announced plans to establish <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-falls-below-37000-on-news-of-chinas-mining-ban\">strict oversight of cryptocurrency mining<\/a>.<\/p>\n<p>In the same month, the Xinhua News Agency published <a href=\"https:\/\/u1f987.com\/en\/news\/china-criticises-bitcoin-and-mining-market-falls\">a piece criticizing Bitcoin and mining<\/a>.<\/p>\n<p>As a result, Chinese ASIC manufacturers <a href=\"https:\/\/u1f987.com\/en\/news\/chinese-asic-miner-manufacturers-to-boost-shipments-to-kazakhstan-and-canada\">increased exports<\/a> abroad, including to Kazakhstan and Canada. BIT Mining Limited announced <a href=\"https:\/\/u1f987.com\/en\/news\/bit-mining-limited-to-invest-25-74-million-in-building-a-mining-center-in-texas\">the construction of a mining center in the United States<\/a>.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>During January\u2013March 2021, the revenue of the Chinese mining equipment maker Canaan Creative rose 5.9x year-over-year to 402.8 million yuan ($61.5 million). The share of overseas device sales rose from 4.9% to 78.4%, according to the financial report.<\/p>\n","protected":false},"author":1,"featured_media":43568,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,845,133,1137],"class_list":["post-43567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-canaan","tag-china","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=43567"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43567\/revisions"}],"predecessor-version":[{"id":43569,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/43567\/revisions\/43569"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/43568"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=43567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=43567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=43567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}