Canaan’s fourth-quarter 2022 revenue falls 60%

In the fourth quarter of 2022, Canaan’s revenue as a Bitcoin miner amounted to $56.8 million, down 59.9% from the prior reporting period.

Canaan Inc. Reports Unaudited Fourth Quarter and Full Year 2022 Financial Results#Canaan #Bitcoin #Mining

Learn More: https://t.co/Eccj5RpAcw pic.twitter.com/w1zJHDfXNE

— Canaan Inc. (@canaanio) March 7, 2023

The firm’s annual revenue was $634.9 million, down 12.2% from 2021.

In Q4, the manufacturer sold equipment with a total hashrate of 1.9 million TH/s. This was 45.8% lower than in Q3 and 82.1% lower than in the same period in 2021.

Canaan’s mining revenue in Q4 was $10.5 million. This was up 16.3% from the previous quarter and 368.2% higher than the same period in 2021.

Total revenue from Bitcoin mining in 2022 was $31.7 million.

“We endured a difficult fourth quarter, as the fall in Bitcoin’s price during that period led to weaker market demand for mining equipment, as we anticipated,” said Nangeng Zhang, chairman and CEO of Canaan.

Shares fell 8.39% to $2.51 after the report was released.

Earlier in March, the Riot reported revenue of $259.2 million for 2022. In total, the firm mined 5,554 BTC.