Canaan Technology Reports Strong Q1 Revenue Growth Driven by Bitcoin Mining

According to BlockBeats, cryptocurrency mining company Canaan Technology (NASDAQ: CAN) has released its unaudited financial report for the first quarter. The report reveals that the company's total revenue reached $82.78 million, surpassing the previous financial forecast of $75 million, marking a 135.9% increase compared to the same period last year. The financial report highlights that Canaan Technology's total sales hash rate for the first quarter was 5.5 million TH/s, representing a year-on-year growth of 62.6%. The company's proprietary mining operations also achieved significant results, with mining revenue reaching $24.25 million, a 131.9% increase from the previous year. During this period, Canaan mined a total of 259 bitcoins, with an average revenue of $93,466 per bitcoin. In terms of gross profit, Canaan Technology reported approximately $650,000 for the first quarter, a substantial improvement from the gross loss of $37.33 million in the same quarter last year, indicating a significant turnaround from previous challenges.