Canaan Inc. Reports December 2024 Bitcoin Mining Updates and FY2025 Financial Outlook
Peter Zhang Jan 22, 2025 07:31
Canaan Inc. reveals its December 2024 bitcoin mining performance and outlines financial projections for FY2025, aiming for significant revenue growth and mining expansion.
Canaan Inc. (NASDAQ: CAN), a leader in crypto mining technology, has announced its unaudited bitcoin mining update for December 2024, alongside financial guidance for the fiscal year 2025. The company is anticipating total revenues between $900 million and $1.1 billion for FY2025, according to PR Newswire .
Expanding Global Operations
Significant strides were made in North America, where Canaan established a localized team to explore new partnerships and projects, aiming to achieve a mining hash rate of 10 Exahash per second (EH/s) in the region and 15 EH/s globally by mid-2025. The company also upgraded its Avalon A15 series, which has been well-received by institutional miners.
Financial Projections and Market Strategy
With the increasing demand for bitcoin mining hash rates, Canaan's expectations for revenues in FY2025 are based on current market conditions. The company has scheduled deliveries for customer orders into the second quarter of 2025 and plans to provide further guidance for Q1 2025 in its Q4 2024 earnings release.
December 2024 Mining Performance
In December 2024, Canaan mined 62 bitcoins and held 1,293 bitcoins at month-end. The company reported a deployed hashrate of 5.44 EH/s and an operating hashrate of 4.75 EH/s, with an average mining operational cost of $0.04/kWh.
Strategic Partnerships and Product Development
Canaan secured several strategic partnerships, including agreements with CleanSpark and HIVE Digital Technologies Ltd, involving the delivery of Avalon miners. Additionally, the company expanded its self-mining operations in Texas and introduced innovative mining products like the Avalon Mini 3 and Nano 3S Bitcoin mining heaters for personal use.
About Canaan Inc.
Founded in 2013, Canaan Inc. specializes in ASIC high-performance computing chip design and production. The company has a history of pioneering bitcoin mining technology and completed its IPO on the Nasdaq Global Market in 2019.
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