Peter Chan January 22, 2025 07:31
Canaan Inc. reveals its December 2024 Bitcoin mining performance and outlines financial forecasts for 2025 with the aim of significant revenue growth and mining expansion.
Canaan Inc. (NASDAQ: CAN), a leader in cryptocurrency mining technology, announced an unaudited Bitcoin mining update for December 2024, along with financial guidance for fiscal year 2025. The company expects total revenue for fiscal 2025 to be between $900 million and $1.1 billion. , according to PR Newswire.
Expanding global business
Significant progress has been made in North America, with Canaan establishing a local team to explore new partnerships and projects, and mining hashes per second (EH/s) in the region and 15 EH/s globally by midterm. We aim to achieve rates. 2025. The company has also upgraded its Avalon A15 series, which has been well received by institutional miners.
Financial forecasting and market strategy
With the increasing demand for Bitcoin mining hash rate, Canaan’s 2025 revenue forecast is based on current market conditions. The company expects to deliver customer orders by the second quarter of 2025 and will provide further guidance for the first quarter of 2025 in its fourth quarter 2024 earnings release.
Mining performance in December 2024
In December 2024, Canaan mined 62 Bitcoins and held 1,293 Bitcoins at the end of the month. The company reported a deployed hashrate of 5.44 EH/s, an operational hashrate of 4.75 EH/s, and an average mining operating cost of $0.04/kWh.
Strategic partnerships and product development
Canaan has secured several strategic partnerships, including contracts with CleanSpark and HIVE Digital Technologies Ltd for the delivery of Avalon miners. Additionally, the company expanded its self-mining operations in Texas and introduced innovative mining products such as the Avalon Mini 3 and Nano 3S Bitcoin Mining Heater for personal use.
About Canaan Co., Ltd.
Founded in 2013, Canaan Inc. specializes in the design and manufacturing of ASIC high-performance computing chips. The company has a history of pioneering Bitcoin mining technology and completed its IPO on the Nasdaq Global Market in 2019.
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