Bitcoin (BTC) miner Canaan reported a 3.3% improve in mining income within the first quarter, based on a Could 26 assertion.
mining income
Canaan generated $11.1 million in mining income from January 1 to March 31. This represents a 3.3% improve from the $10.7 million he raised within the fourth quarter of 2022, and a 130.2% improve yr over yr.
Earnings development coincided with a time when the worth of core digital property rebounded from losses within the earlier yr. Within the first quarter, property elevated his 70% and a number of other of his BTC miners recorded improved monetary well being.
Regardless of BTC hashrate and mining problem reaching all-time highs, crypto slate Official miners count on the worth of BTC to proceed to rise and reported a secure stance.
In the meantime, CEO Nangeng Zhang mentioned the corporate continues to give attention to increasing its mining enterprise and intends to diversify its mining enterprise in additional international locations.
Bitcoin Miner Says He Holds Price 623 BTC $13.4 million as of March 31.
General income decreased
In the meantime, the corporate’s total income fell from $58.3 million in This fall 2022 to $55.2 million in Q1 2023.
The year-on-year decline is much more pronounced because it generated $201.8 million in the identical interval in 2022.
Canaan’s chief monetary officer, James Jing Cheng, mentioned of the decline, “The corporate’s gross sales have declined resulting from industry-wide worth cuts following a sequence of U.S. financial institution failures and sudden delays in funds and shipments. lowered,” he mentioned. ”
Moreover, Chen famous that the corporate’s mining division “encountered difficulties in suspending the rise within the put in hashrate.” All these points contributed to the decline in complete income.
The income breakdown confirmed $44.1 million from product, $11.1 million from mining, and $300,000 in different income.
In the meantime, Canaan mentioned it offered extra computing energy within the first quarter of 2023. The corporate offered his 4.2 million Thash/sec, nicely above his 1.9 million Thash/sec recorded within the fourth quarter of 2022.
Regardless of the decline, Chief Monetary Officer Chen mentioned working loss narrowed by 31.4% within the first quarter. In line with Cheng, that is proof of the corporate’s “diligent price and expense management” measures.