Canaan, which produces miners for cryptocurrency miners, increased by 21.8% compared to the previous quarter in the third quarter of the year. $204.5 million earned income.
The China-based mineral producer reported operating expenses of $43.2 million and gross profit of $115.1 million for the period.
The company’s quarterly net income is approx. with a threefold increase It came out to $72.5 million.
Markets in which they operate globally “It’s getting more and more diversified” Nangeng Zhang, CEO of Canaan, said that in the third quarter, cryptocurrency miners 6.7 million TH/s He stated that they broke a record by selling hash power worth .
Canaan initiated a share buyback program in the second half of September to acquire the company’s $20 million ADS (American Depository Shares). The company is under the program until 12 November. $4.6 million bought back.
Founded in 2013, Canaan represents your total income in the last quarter of the year. An increase between 35% and 50% predicts.
