Share this article
Crypto Mining Rig Maker Canaan's Q4 Revenue Sunk 82% to $56.8M
The firm reported Q4 net loss per ADS of 38 cents compared to $1 for the same period in 2021.
Updated May 9, 2023, 4:09 a.m. Published Mar 7, 2023, 11:37 a.m.
Crypto mining rig maker Canaan (CAN) reported a year-on-year revenue decrease of 82% to $56.8 million in the fourth quarter of 2022 as it increasingly focuses on self-mining rather than selling machines, according to a Tuesday press release.
Canaan's mining revenue was $10.5 million in the fourth quarter, up 368.2% compared to the same period in 2021. In the same time period, it sold 75.8% less computing power.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Q4 net loss per the company's American depositary shares (ADS) was 38 cents, compared to net earnings of 4 cents in the previous quarter and net earnings of $1 in Q4 2021.
Canaan's mining machines saw low demand in the fourth quarter of 2022, depressed by a slump in the price of bitcoin.
The manufacturer has been increasingly focused on self-mining "to mitigate demand risks during the market downturn," according to CEO and Chairman Nangeng Zhang. Canaan has installed 3.8 EH/s of computing power as of the end of February, he said .
Canaan expects to bring in $65 million in revenue in the first quarter of 2023.
At the time of writing, shares of Canaan were trading flat at $2.51 during pre-market trading.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
