Bitcoin Mining Machine Makers Say 2023 Q1 Will Be Better

Canaan the Bitcoin mining machine manufacturer shared its financial reports.
The reports are for Q4 and the full year of 2022.
It seems there was a 60% from in Q4 revenue from Q3.

Canaan, a manufacturer of machines for Bitcoin mining, has published its financial reports for Q4 and the full year of 2022. In Q4, the revenue was $56.8 million, which is a 60% decrease compared to the previous quarter.

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The full-year revenue for 2022 amounted to $635 million, slightly lower than the revenue generated in 2021. Despite this, the company’s officials remain optimistic, stating that they believe the worst part of this cycle is behind them and anticipate a positive trend in the near future. For Q1 of 2023, they expect the revenue to be around $65 million.

To highlight, in the third quarter of 2022, the total computing power sold was 1.9 million Thash/s, which was a decrease of 45.8% from the previous quarter and 75.8% from the same period in 2021.

Revenues in the same quarter were RMB391.9 million (US$56.8 million), representing a decrease of 59.9% from the previous quarter and 82.1% from the same period in 2021.

However, mining revenue increased by 16.3% from the previous quarter and 368.2% from the same period in 2021, reaching RMB72.2 million (US$10.5 million).

For the full year of 2022, total computing power sold was 15.1 million Thash/s, which was a year-over-year decrease of 32.4% from 22.3 million Thash/s in 2021.

Revenues for the year were RMB4,378.9 million (US$634.9 million), compared to RMB4,986.7 million in 2021. Mining revenue increased significantly from RMB21.7 million in 2021 to RMB218.6 million (US$31.7 million) in 2022.

Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.