Canaan's Q4 Revenue Surges 121% Year-Over-Year

Canaan reported a revenue of $196 million for the fourth quarter, marking a 121% increase compared to the same period last year, and achieving its highest revenue in three years. According to NS3.AI, the company mined 300 Bitcoin during the quarter, generating $30.4 million in earnings. By the end of the year, Canaan held substantial reserves of Bitcoin and Ethereum. Looking ahead, Canaan intends to broaden its focus beyond mining hardware to include computing and energy infrastructure sectors.