Avalon Bitcoin Miner Maker Canaan Posts $13 Million Q3 Financial gain in New Submitting

Canaan Inventive, the world’s 2nd-greatest bitcoin miner maker, has made 94 million yuan, or about $13 million, in net profit for Q3 2019, subsequent bitcoin price’s bull run considering the fact that April this yr.

The firm exposed in an current submitting of its preliminary public giving (IPO) software in the US on Wednesday that it has been equipped to provide household a profit of $13 million on a profits of 670 million yuan, or $95 million, which records a 40 % development about the similar time period previous yr.

That would give the firm a overall net loss of $31.2 million on a profits of $132 million for nine months ending in September this yr, as the agency recorded a net loss $45.8 million for the initial fifty percent of 2019.

Canaan formally filed for an IPO in the U.S. previous thirty day period as its 3rd try to go public right after its initial two applications in mainland China and Hong Kong, respectively, fell as a result of.

Bitcoin’s price leap considering the fact that before this yr has boosted the product sales of Canaan’s Avalon miners, which resulted in the market’s need outstripping the firm’s offer.

According to the latest submitting, Canaan’s major product sales volume for 2019 so much will come from its older Avalon 8 series products and solutions with 265,756 models sold, whilst its most latest A9 and A10 models recorded a product sales volume of 88,034 and 56,556 models, respectively.

All in all, Canaan reported in the submitting that for the initial nine months in 2019, it has sold a overall computing ability of 7.59 exhashes for every 2nd, which accounts for approximately eight % of bitcoin’s recent network hash price.

Canaan chairman Kong Jianping image through CoinDesk