Canaan Inc., one of the leading players in the Bitcoin mining hardware and infrastructure industry, recently released its unaudited financial results for the fourth quarter and full year of 2024. The report revealed strong revenue growth, increased Bitcoin holdings, and an expanding footprint in North America, all of which signal renewed momentum for the company amid an evolving crypto market.
The firm posted a total revenue of $269.3 million for 2024, marking a 27.4% increase from the $211.5 million it generated in 2023. This growth was primarily attributed to the company’s aggressive expansion of its mining operations, which yielded a total of 933.8 BTC over the year.
By the end of December, Canaan had held 1,371.9 BTC in total, including company-owned assets and those held for clients, which were valued at roughly $112 million based on current market prices.
The final quarter of 2024 underscored this upward trajectory. Canaan brought in $88.8 million in revenue between October and December, surpassing its own projections of $80 million and representing an 80.9% year-over-year jump. Of this, $73.5 million came from product sales, while $15.3 million was generated through mining operations. Mining revenue alone saw a dramatic 312.5% increase compared to the same quarter in 2023. Over the entire year, mining revenue reached $44 million, up from $34 million the year prior.
The company also disclosed that it mined 186 BTC in Q4 at an average revenue of $82,174 per Bitcoin. Canaan’s cryptocurrency holdings at the end of 2024 were detailed as $61.8 million in assets and $69.6 million in receivables. These included 600 BTC pledged for secured loans, 100.3 BTC tied up in fixed-term investments, and 30 BTC prepaid for services.
In addition to financial performance, Canaan made strategic moves to strengthen its presence in North America. The company established a localized team in the region, signaling a push toward deeper market engagement. In January 2025, Canaan upgraded its mining equipment at Stronghold’s Panther Creek facility. Later, on March 26, it announced new agreements with Mawson Hosting LLC and a mining partner in Edna, Texas, to host operations at their facilities. These ventures are expected to contribute approximately 4.7 EH/s of computing power, further enhancing the company’s mining capacity in the region.
Looking ahead, Canaan is projecting total revenues between $900 million and $1.1 billion for 2025. For the first quarter, revenue is expected to come in around $75 million, with second-quarter figures projected to fall between $120 million and $150 million.
Editorial Note: This news article has been written with assistance from AI. Edited & fact-checked by the Editorial Team.
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