Canaan Finishes Q3 with $13 Million in Gains as Mining Demand Rebounds

As the demand in the crypto mining industry is soaring following the rebound of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term prices, Canaan Creative registered 94 million yuan (around $13 million) in net profits for the third quarter of this year.

The figures were revealed on Wednesday in an updated filing by the crypto mining hardware maker in the US for its initial public offering (IPO).

The growing demand in the market can be easily seen with the 670 million yuan ($95 million) quarterly revenue of the company for the period - a 40 percent increase in numbers over the same period in the previous year.

After failed IPO attempts in both mainland China and Hong Kong, Canaan approached the US market and officially filed to list its shares publicly late last month. The Chinese giant is mulling for a Nasdaq listing and willing to raise $400 million in the offering.

Following Bitmain, Canaan is the second-largest Bitcoin miner manufacturer. The company sells Avalon-branded high-performance ASIC-based mining machines for Bitcoin mining, which are designed and manufactured by the firm itself.

Impressive figures to attract investors

Per the originally filed documents, the company generated $394 million in revenue in the fiscal year of 2018 and booked a profit of $8.3 million.

The latest filings also show that the total sale of Canaan’s older Avalon 8 for the current year touched 265,756 units, while the sale of the two latest models - Avalon 9 and Avalon 10 - remained in the lower side with 88,034 and 56,556 units respectively.

The company also concluded that its sales for the year to date contributed to eight percent of the total Bitcoin mining Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term with a total computing power of 7.59 exhashes per second.

Meanwhile, Bitmain also reportedly approached the US Securities and Exchange Commission to file for an IPO, months after the lapse of its application with the Hong Kong Stock Exchange.