Peter Jang
January 22, 2025 07:31
Canaan Inc. discloses its December 2024 Bitcoin mining performance and outlines its financial outlook for fiscal 2025, targeting significant revenue growth and mining expansion.
Canaan Inc. (NASDAQ: CAN), a leader in cryptocurrency mining technology, has released its unaudited Bitcoin mining update for December 2024 along with its fiscal 2025 financial guidance. The company expects total revenue between $900 million and $1.1 billion in fiscal 2025. , according to PR Newswire.
Expanding global operations
Significant progress has been made in North America, and Canaan has established localized teams to explore new partnerships and projects, with the goal of achieving a mining hash rate of 10 EH/s per second in the region and 15 EH/s globally by mid-2019. was aimed at. 2025. The Avalon A15 series, which has received favorable reviews from institutional miners, has also been upgraded.
Financial Forecasts and Market Strategies
As demand for Bitcoin mining hashrate increases, Canaan’s expectations for fiscal 2025 revenue are based on current market conditions. The company expects delivery of customer orders in the second quarter of 2025 and plans to provide additional guidance for the first quarter of 2025 in its fourth quarter 2024 earnings call.
Mining performance as of 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 5.44EH/s, an operating hashrate of 4.75EH/s, and an average mining operating cost of $0.04/kWh.
Strategic partnerships and product development
Canaan has secured several strategic partnerships, including agreements with CleanSpark and HIVE Digital Technologies Ltd for the supply of Avalon miners. The company has also expanded its own mining operations in Texas and launched innovative mining products such as the personal Avalon Mini 3 and Nano 3S Bitcoin mining heaters.
About Canaan Co., Ltd.
Founded in 2013, Canaan Inc. specializes in the design and production 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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