Canaan, the Bitcoin ASIC creator’s firm has suffered a fourteen percent drop in the year as a portion of better conditions of the industry in both the quarters of Q1 and Q2.
As per the new status of filing with the SEC of the USA on 7th March, the Bitcoin ASIC publisher Canaan has reported their revenue getting decreased by a staggering eighty-two percentage in the final quarter of 2022. During the last quarter, the firm sold their terahashes worth 1.9mn for mining and yet showed a seventy-five percent drop in that quarter of last year.
Canaan’s revenue in mining has also been improved to 368.2% at the same time and it has gone up to 10.46mn USD. However, even after such amazing success stories, the Bitcoin ASIC miner’s net income is currently running at a huge loss in the final quarter of 2022. When you compare the numbers, it is 63.6mn USD loss from a profit of 182mn USD in the last quarter of 2021. The CFO of the company said that their losses were mostly because of the write-downs of their inventories and some research expenses to their new fleet.
Bitcoin ASIC Miners Suffering From Huge Lossess In The Final Quarter Of 2022:
For a complete year, the revenue of the frm was reduced to 13.8% and most of this happened because of the better conditions of the industry in the first two quarters of the previous year. This firm is now at 706mn USD worth of total assets with them. However, they also have a 67mn USD worth of total liability as well.
