19.01.2021

Bitcoin Miner Canaan Creative’s 2019 Revenue Nears $100M Ahead of IPO

Executives previously attempted to launch an IPO in Hong Kong and China, but both processes fell through due to regulatory misgivings. Bitmain, one of Canaan’s largest competitors, has likewise tried and failed to complete an IPO so far.

Bitcoin (BTC) mining giant Canaan Creative has seen almost $100 million in revenue this year but remains over $30 million in the red.

According to an amendment form submitted on Nov. 5 as part of its registration to conduct an initial public offering (IPO) in the United States, Canaan revealed its Q3 net profit to be 94 million yuan ($13 million).

Canaan posts $31M loss for 2019

In total, the company generated revenue of just over $134 million in the first nine months of 2019, but weaker performance early on has still resulted in a net loss of around $31 million.

Canaan is due to conduct its pioneering IPO this month, subject to formal permission from the U.S. Securities and Exchange Commission, or SEC.

Canaan, in fact, saw a healthier performance in 2018, posting net profits of just over $17 million on total revenues which approached $400 million.

Bitcoin hash rate stays healthy

As Cointelegraph reported, Bitcoin mining participants remain buoyant about the industry’s future perspectives. Rising Bitcoin hash rate continues a trend that is seeing record computing power devoted to validating and increasing the security of the Bitcoin network.

According to data from monitoring resource Blockchain, the hash rate has nonetheless dipped slightly in recent weeks. The figure currently stands at 90 quintillion hashes per second.

A popular theory remains that as hash rate increases, so too will the Bitcoin price after a latency period.

Bitcoin Is Using Less Energy Despite Record Hash Rate, New Data Shows

Bitcoin (BTC) energy consumption is becoming rapidly more efficient, new data shows as hash rate continues to hit record highs.

Record hash rate with less power

Data from aggregator Statista accessed on Sept. 5 showed that despite more computing power being dedicated to Bitcoin mining, less electricity is required to fuel it.

According to one chart, energy consumption as of July was 69.79 terawatt hours per year. In July 2018, the figure was 71.12 terawatts, while hash rate was almost 60% lower than at present.

Bitcoin annual electricity consumption
Bitcoin annual electricity consumption. 

As Cointelegraph reported, hash rate measures the overall computing power involved in Bitcoin transaction processing. The metric passed 80 quintillion hashes per second in August, and currently lies at just under 90 quintillion. In July 2018, the number was around 40 quintillion.

Bitcoin mining gets eco-friendly

The data thus fits into the overall trend for miners to become more ecologically aware. As Bitcoin prices recovered this year, multiple operators announced attempts to improve efficiency.

A study in June found that three-quarters of Bitcoin mining activity is powered by renewable energy sources.

Hardware manufacturers have further sought to develop new devices with greater capabilities and lower energy demands, such as Bitmain’s 7nm Antminer, which debuted last November.

Electricity nonetheless remains a popular topic among third parties, some of which allege the industry’s consumption makes it a morally questionable activity.

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