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While the price of bitcoin has decreased by 70% since the beginning of the year, the turnover of Canaan is reduced by only 14% in yuan.
As stated in the mining company Canaan, its revenue at the end of this year is reduced by only 15%, despite the fact that the price of bitcoin has fallen by 70% since the beginning of the year. The available data indicate that in the first nine months of this year, the organization's revenue amounted to 4 billion yuan (573 million dollars). In the fourth quarter, Canaan expects a turnover of 310 million yuan ($46 million), which will bring the total revenue for the year to 4.31 billion yuan (about $ 619 million).
The expected result will be about 600 million yuan less than in 2021, based on the reporting of the previous year. At the same time, taking into account the weakening of the yuan against the US dollar, the decrease in revenue converted in the US currency will be about 21%.
It is worth noting that Canaan's revenue in 2022 will obviously significantly exceed the results of 2020 (448 million yuan) and 2019 (1.4 billion yuan). The company emphasizes that a stable financial result is observed in the organization due to the fact that it began to engage not only in the production of bitcoin miners, but also launched cryptocurrency mining operations No. 1 itself, starting in mid-2021.
Explaining the logic of their decision in 2021, Canaan stressed that the use of machines of their own production for bitcoin mining allows them to adapt to such situations in the market when the demand for mining equipment decreases at times.
Given that record discounts are currently being observed on the equipment market, it can be assumed that the organization will increase its own bitcoin mining, holding some of the machines that can later be put on the market when prices for bitcoin miners go up again.
