Canaan's Mining Revenue Surges 312% As BTC Holdings Reach 1,292 BTC

Canaan Inc. reported $269.3 million in revenue for 2024, with bitcoin mining revenue surging 312% year-over-year to $44 million. The company also expanded its North American mining footprint, securing new agreements in Pennsylvania and Texas to add 4.7 EH/s of computing power.

Canaan Reports $269M in Revenue

Canaan Inc., a crypto mining hardware manufacturer, has released its financial results for 2024, showcasing strong growth in both revenue and bitcoin mining. The company generated $269.3 million in total revenue, a 27.4% increase from 2023, with bitcoin mining contributing $44 million. The firm now holds 1,292.5 $BTC, further strengthening its crypto reserves.

In the 4th quarter alone, Canaan earned $88.8 million, marking an 80.9% year-on-year jump. Mining revenue surged 312.5% to $15.3 million, with 186 $BTC mined at an average price of $82,174. The company also set a record high in computing power sales, reaching 9.1 million TH/s.

Nangeng Zhang, Chairman and CEO of Canaan, said, “Looking back on the past year, we remained steadfast in our commitment to delivering high-quality, customized mining solutions such as our high-performance A15 series. With unwavering confidence in bitcoin’s long-term potential, we remain dedicated to innovation, operational excellence, and cementing our role as a key player in the bitcoin ecosystem.”

Canaan is also expanding its mining presence in North America. On Mar. 26, the firm announced agreements with Mawson Hosting LLC and another partner, securing mining operations in Pennsylvania and Texas. These agreements are expected to add 4.7 EH/s of computing power by Q2 2025.

With its growing mining infrastructure and record-breaking sales, Canaan aims to solidify its position as a key player in the bitcoin mining industry.