Bitcoin mining rig manufacturer canaanio reported a 82% decrease in Q4 revenue compared to the same period in 2021 as its equipment sales slumped, while self-mining revenue grew. egreechee reports.
Canaan's mining revenue was $10.5 million in the fourth quarter, up 368.2% compared to the same period in 2021. In the same time period, it sold 75.8% less computing power.
Q4 net loss per ADS was 38 cents, compared to net earnings of 4 cents in the previous quarter and net earnings of $1 in Q4 2021. Canaan's mining machines saw low demand in the fourth quarter of 2022, depressed by a slump in the price of bitcoin. The manufacturer has been increasingly focused on self-mining"to mitigate demand risks during the market downturn," according to CEO and Chairman Nangeng Zhang. Canaan has installed 3.8 EH/s of computing power as of the end of February, he said .At the time of writing, shares of Canaan were trading flat at $2.51 during pre-market trading.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Earl Morales, retired police photographer, church deacon, and veteran, has died at 82He spent three decades taking photos at crime scenes and elsewhere for the Philadelphia Police Department, and retired after nearly 40 years in the Army and reserves as a command sergeant major.
Read more »
While Bitcoin's Hashrate Remains Sky-High, Merge-Mined Crypto Asset Networks Benefit – Mining Bitcoin NewsMerge-mining is a process in which miners can mine various cryptocurrencies at the same time without any additional cost.
Read more »
SEC Accuses Utah-Based Green United of Running $18M Crypto Mining ScamUtah-based crypto mining firm Green United allegedly duped investors into buying “Green Boxes” to mine a new cryptocurrency that promised to revolutionize the global power grid, according to the SECgov. cheyenneligon reports
Read more »
SEC accuses Utah firm of 'fraudulent' $18M crypto mining schemeA crypto mining operation run by Green United has been accused of being 'fraudulent' by the SEC, while the proposed lawsuit against the outfit sparked fears the regulator was gearing up to come after crypto mining.
Read more »
Bitcoin and Ether rise despite Silvergate suspending its crypto payments network: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Caitlin Long, founder and CEO of Custodia Bank, which aims to bridge traditional finance and digital assets, discusses the uncertainty at Silvergate Bank.
Read more »
Last Week on Crypto Twitter: Crypto Singing Its Last Song | CoinMarketCap🔹Surviving the Bear Market 🔹Elon building Twitter 🔹Our favorite 'Coinfession' & more memes and talks this past week on crypto Twitter 😉
Read more »