Canaan Creative Makes $13M in Net Profit for Q3 2019

Canaan Creative, the world’s second-biggest bitcoin miner producer, has generated 94 million yuan, or around $13 million, in net profit for the third quarter of 2019, after bitcoin value’s bull run since April this year.

The firm disclosed in an updated filing of its initial public offering (IPO) application in the U.S. on November 6 that it has bagged a total of $13 million on a revenue of 670 million yuan, or roughly $95 million, which records a 40 percent increase over a similar period a year ago.

That would give the organization an all-out total net loss of $31.2 million on revenue of $132 million for nine months finishing off with September this year, as the company recorded an overall net loss of $45.8 million for the first half of this year.

Canaan formally filed for an IPO in the U.S. a month ago as its third try to go public after its initial two applications in mainland China and Hong Kong, respectively, failed to work out.

Bitcoin’s value increase since earlier this year has helped the sales of Canaan’s Avalon miners, which brought the market’s interest overwhelming the company’s supply.

As indicated by the most recent filing, Canaan’s fundamental sales volume for 2019 so far originates from its more established Avalon 8 series products, with 265,756 units sold, while its latest A9 and A10 models recorded a sales volume of 88,034 and 56,556 units, respectively.

In total, Canaan stated in the filing that for the initial nine months in 2019, it had sold a total computing power of 7.59 exhashes every second, which represents approximately eight percent of bitcoin’s present network hash rate.