Canaan Inc.
(NASDAQ:CAN), a cryptocurrency mining hardware manufacturer, reported its
quarterly numbers on Tuesday. During the three-month period that ended on 31
December 2022, the crypto company achieved a crypto mining revenue of $10.5
million, significantly higher than in the previous quarter and the same period
in 2021. However, overall revenues turned out to be considerably lower on a quarterly
and a yearly basis.
While
mining revenue represented an increase of 16,3% quarter-over-quarter and a
staggering 368,2% year-over-year, the revenue for the mining hardware manufacturer continued its 2022 slump.
The
revenues in the fourth quarter came in at $56.8 million, translating to 59.9%
QoQ and 82.1% YoY decreases. The product revenue also went down to $46.3
million, representing a slump of 65.1% compared to the product revenue reported
in the third quarter of 2022, and a decrease of 85.3% compared to the product
revenue reported in the same period of 2021.
The decline
in QoQ and YoY revenue was primarily due to the decrease in total computing
power sold and the lower selling price due to the decreased value of Bitcoin.
“We
went through a tough fourth quarter as the further sinking bitcoin
