Canaan Inc. reported revenue of $269.3 million in 2024, with Bitcoin mining revenue rising 312% year-on-year to $44 million. The company has also expanded its North American mining footprint, secured new contracts in Pennsylvania and Texas, and added 4.7 EH/s of computing power.
Canaan reports $269 million in revenue
Canaan Inc., a manufacturer of Crypto Mining Hardware, released its financial results in 2024, showing strong growth in both revenue and Bitcoin mining. The company generated $269.3 million in total revenue, up 27.4% from 2023, while Bitcoin Mining contributed $44 million. The company currently owns 1,292.5 BTC, further strengthening its crypto reserves.
In the fourth quarter alone, Canaan scored $88.8 million, a jump of 80.9% from the previous year. Mining revenues rose 312.5% to $15.3 million, with 186 BTC mined at an average price of $82,174. The company also set a record high in sales of computing power, reaching 9.1 million Th/s.
Chairman, Chairman, CEO Canan“Looking back at the past year, we have maintained our commitment to providing high quality, customized mining solutions, such as the high-performance A15 series. With unwavering confidence in the long-term potential of Bitcoin, we are committed to operational excellence, promoting the role of key players in the Bitcoin ecosystem.”
Canaan is also expanding the presence of mining in North America. On March 26, the company announced a contract with Mawson Hosting LLC with another partner, securing its mining operations in Pennsylvania and Texas. These contracts are expected to add 4.7 EH/s of computing power by the 2025 quarter.
With expanded mining infrastructure and record-breaking sales, Canaan aims to solidify its position as a key player in the Bitcoin mining industry.
