Canaan Technology Reports Significant Revenue Growth in 2024

According to BlockBeats, Canaan Technology, a publicly listed Bitcoin mining company, has released its unaudited financial results for the fourth quarter and the entire year of 2024. The company reported a total annual revenue of $269.3 million, marking a 27.4% increase compared to the previous year. Canaan Technology's total sales computing power for 2024 reached 26 million TH/s, reflecting a 32.6% growth. In addition to the overall increase in sales computing power, the company's mining revenue for the fourth quarter amounted to $15.3 million, a significant rise of 312.5%, with 186 Bitcoins mined. For the entire year of 2024, Canaan Technology's self-operated mining revenue totaled $44.02 million, representing a 29.6% year-over-year growth. Looking ahead, Canaan Technology anticipates its total revenue for 2025 to be between $900 million and $1.1 billion. For the first quarter of 2025, the company expects total revenue to be approximately $75 million. In the second quarter of 2025, the projected total revenue is estimated to range from $120 million to $150 million. As of December 31, 2024, Canaan Technology held a total of 1,371.9 Bitcoins, with the fair value of its cryptocurrency assets and cryptocurrency receivables amounting to $131.4 million.