{"id":802467,"date":"2025-01-21T06:48:56","date_gmt":"2025-01-21T11:48:56","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-announces-december-2024-bitcoin-production-and-mining-operation-updates-and-provides-fy2025-financial-guidance\/"},"modified":"2025-01-21T06:48:56","modified_gmt":"2025-01-21T11:48:56","slug":"canaan-inc-announces-december-2024-bitcoin-production-and-mining-operation-updates-and-provides-fy2025-financial-guidance","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-announces-december-2024-bitcoin-production-and-mining-operation-updates-and-provides-fy2025-financial-guidance\/","title":{"rendered":"Canaan Inc. Announces December 2024 Bitcoin Production and Mining Operation Updates and Provides FY2025 Financial Guidance"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n Expects total revenues for FY2025 in the range of US$900 million<\/span> to US$1.1 billion<\/span><\/i>\n <\/p>\n

\n
\n SINGAPORE<\/span>
\n <\/span>, Jan. 21, 2025<\/span><\/span> \/PRNewswire\/ — Canaan Inc. (NASDAQ: CAN) (“Canaan<\/span>” or the “Company”), an innovator in crypto<\/span> mining, today released its unaudited bitcoin<\/span> mining update for the month ending December 31, 2024<\/span>, and provided financial guidance for fiscal year 2025.<\/p>\n

\n Management Commentary<\/b>\n <\/p>\n

“Since\u00a0the beginning of the fourth quarter of 2024, we have made considerable progress in expanding our market presence, strengthening partnerships and advancing our self-mining operations, while steadily increasing our bitcoin<\/span> holdings on our balance sheet,” said Nangeng Zhang, chairman and chief executive officer of Canaan<\/span>. “We made significant strides in North America<\/span>, establishing a new localized team to explore partnerships and opportunities, and to implement new projects. Our goal remains on track to reach 10 Exahash per second (EH\/s) of mining hash rate in North America<\/span> and 15 EH\/s in total globally by mid-2025.<\/p>\n

“On the product front, we upgraded our Avalon<\/span> A15 series, which offers superior performance, with different models to address each of our customers’ diverse mining conditions and needs. These products have gained traction among our customers, as demonstrated by multiple high-profile orders from well-renowned institutional miners. Meanwhile, our commitment to exceptional service and support has garnered increasing recognition in the markets. We also believe that with the growing popularity of Bitcoin<\/span>, the ability to mine will become of interest to a broader audience. This belief led to the launch of additional products in the Avalon Home series. These innovative products are designed for individual consumers and allow them to participate in the decentralization principles of the\u00a0Bitcoin<\/span> system.<\/p>\n

“In light of the increasing demand for bitcoin<\/span> mining hash rate and our growing mining operations, our preliminary expectations for total revenues for fiscal year 2025 are in the range of US$900 million<\/span> to US$1.1 billion<\/span>. This guidance is based on current market and operational conditions, and our actual results may vary from these expectations. In Q1 2025, we continue to see increased computing power demand, leading to deliveries of customer orders scheduled into Q2 of 2025. As we balance the allocation of our Bitcoin<\/span> mining machines between customer orders and our own mining hash rate deployment, we continue to prepare for longer-term impact of the bull market. Due to the typical slowdown that we anticipate because of the Lunar New Year holiday period in Q1 2025, we will provide guidance for Q1 in our Q4 2024 earnings release which we expect to issue in late March 2025<\/span>. We remain committed to innovation, strategic partnerships, and expanding the Company’s footprint in the global Bitcoin<\/span> mining industry.”<\/p>\n

\n
\n December 2024<\/span>
\n Bitcoin<\/span> Mining Updates (unaudited)<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n Key Metrics<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n \u00a0Results (Rounded Numbers)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bitcoins Mined During the Month<\/span>\n <\/p>\n<\/td>\n

\n

\n 62 Bitcoins<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Bitcoins Owned by Canaan Inc. on Balance Sheet1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 1,293 Bitcoins<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Deployed Hashrate (EH\/s)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.44EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Operating Hashrate (EH\/s)<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.75EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Average Revenue Split2<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 53.7\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average Mining Operational Cost During the Month3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n US$0.04\/kWh<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Notes:<\/i>\n <\/p>\n

\n 1.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined <\/i>
\n
\n as the total number of bitcoins owned by the Company on its Balance Sheet including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.<\/span>
\n <\/i>\n <\/p>\n

\n 2.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the weighted average percentage that Canaan<\/span> would share from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.<\/i>\n <\/p>\n

\n 3.\u00a0 \u00a0 \u00a0 \u00a0<\/i>
\n
\n Defined as the weighted average electricity and operational cost if 100% of the mining machines consisting of Installed Computing Power were energized.<\/span>
\n <\/i>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n Current Mining Projects (As of December 31, 2024):<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Regions
in alphabetical order
(A to Z)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Active Mining
Projects
Count<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Energized
Computing
Power4<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Installed
Computing
Power5<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Expected
Computing
Power6<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Estimated
Total
Computing
Power7<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 4.75 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.44 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.16 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.6 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.7 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.74 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.16 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.9 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Canada<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ethiopia<\/span>\n <\/p>\n<\/td>\n

\n

\n 4<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.01 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.64 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.64 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Middle East<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.03 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Notes: <\/i>\n <\/p>\n

\n 4.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized are currently in operation including mining machines that may be temporarily offline. <\/i>\n <\/p>\n

\n 5.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.<\/i>\n <\/p>\n

\n 6.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the amount of computing power that has been delivered to the country where each mining project is located in but not yet installed. <\/i>\n <\/p>\n

\n 7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the sum of Installed Computing Power and Expected Computing Power.<\/i>\n <\/p>\n

\n Summary of Recent Operational Updates:<\/b>\n <\/p>\n