{"id":52968,"date":"2021-11-16T17:20:00","date_gmt":"2021-11-16T15:20:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=52968"},"modified":"2025-09-03T12:45:13","modified_gmt":"2025-09-03T09:45:13","slug":"canaan-posts-record-quarterly-revenue-from-miner-sales","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/canaan-posts-record-quarterly-revenue-from-miner-sales\/","title":{"rendered":"Canaan posts record quarterly revenue from miner sales"},"content":{"rendered":"<p>In the third quarter of 2021, Canaan&#8217;s revenue from miner sales reached a record $204.5 million. This was up 708.2% from the comparable period last year and 21.8% above <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-posts-record-quarterly-revenue-of-167-5-million\">the second-quarter result<\/a>.<\/p>\n<figure class=\\\"wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter\\\">\n<div class=\\\"wp-block-embed__wrapper\\\">\\n<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-width=\\\"500\\\" data-dnt=\\\"true\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Canaan Inc. Reports Unaudited Third Quarter 2021 Financial Results<a href=\\\"https:\/\/t.co\/5DVlL9iJmV\\\">https:\/\/t.co\/5DVlL9iJmV<\/a> <a href=\\\"https:\/\/t.co\/UCWE6as7eB\\\">pic.twitter.com\/UCWE6as7eB<\/a><\/p>\n<p>\u2014 Canaan Inc. (@canaanio) <a href=\\\"https:\/\/twitter.com\/canaanio\/status\/1460549481573748745?ref_src=twsrc%5Etfw\\\">November 16, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script>\\n<\/div>\n<\/figure>\n<p>\\n\\n\\n\\n<\/p>\n<p>In the quarter, the company sold crypto mining equipment with a total hash rate of 6.7 million TH\/s, up 12.9% from the second quarter. Year-over-year sales of capacity rose 128.4%.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Stable year-over-year and sequential growth was largely driven by sustained market demand and increased shipments of Bitcoin mining devices,\\&#8221; the press release said.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>As of September 30, cash and cash equivalents stood at $263.6 million. Since the start of the year their amount had more than tripled, primarily due to a large number of advance payments from customers, noted Canaan.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>For the quarter the company posted net income of $72.5 million, up 179.3% from the second quarter. A year ago Canaan posted losses.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\\&#8221;Despite the outstanding results we also recognise potential risks, including price pressures and volatility in the supply of components, Bitcoin price volatility, regulatory changes in various countries and other factors,\\&#8221; said Canaan CEO James Jin Chen.<\/p>\n<\/blockquote>\n<p>\\n\\n\\n\\n<\/p>\n<p>According to him, to mitigate the impact of negative factors the company expanded its partnerships with suppliers, <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-starts-bitcoin-mining-in-kazakhstan\">joined the mining business<\/a> and <a href=\"https:\/\/u1f987.com\/en\/news\/overseas-customers-accounted-for-78-of-canaans-revenue\">entered global markets<\/a>.<\/p>\n<p>\\n\\n\\n\\n<\/p>\n<p>Earlier in September, the Nasdaq-listed Canaan <a href=\"https:\/\/u1f987.com\/en\/news\/canaan-to-buy-back-up-to-20-million-of-its-own-shares\">announced<\/a> a share buyback program worth up to $20 million.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the third quarter of 2021, Canaan&#8217;s revenue from miner sales reached a record $204.5 million. This was up 708.2% from the same period last year and 21.8% above the second-quarter result.<\/p>\n","protected":false},"author":1,"featured_media":52969,"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":[845,1137],"class_list":["post-52968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-canaan","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"25","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52968","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=52968"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52968\/revisions"}],"predecessor-version":[{"id":52970,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/52968\/revisions\/52970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/52969"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=52968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=52968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=52968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}