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Canaan reports Q3 EPS 5c, consensus 7c
The Fly

Canaan reports Q3 EPS 5c, consensus 7c

Reports Q3 revenue $137.51M, consensus $151.64M. Nangeng Zhang, chairman and CEO of Canaan, commented, "The bitcoin mining market deteriorated during the third quarter, as the bitcoin price fluctuated and further dipped to around sixteen thousand dollars recently. The negative market dynamics have significantly hindered bitcoin miners’ revenues and cash flows. As miners are forced to cut their demand for computing power, we had to adjust down our selling price in response. As a result of contract sales that we secured from previous quarters and the delivery of these orders, our topline performance in the third quarter was within our expectations, with total computing power sold of 3.5 million Thash/s. In late October, we officially released our new mining machine series, AvalonMade 13. Powered by advanced ASIC technology on the next-generation process node, the new series product achieves prominently accelerated computing power and escalated power efficiency. The launch of the new generation product reaffirms our confidence in the fundamental value of the bitcoin ecosystem and reflects our constant efforts in the research and development of supercomputing technology. In fact, as part of our ongoing effort to strengthen our research and development capabilities, we are expanding our Singapore headquarters with promising local research and development talents to help support our business on a global scale. In addition, we have expanded our mining business by tapping into the U.S. to optimize the allocation of our mining machines. Amidst the bearish market, we continue to grow the scale of our mining operation. With increased computing power online for mining, we generated mining revenue of RMB 62 million for the quarter."

Published first on TheFly

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