THELOGICALINDIAN - The mining rig architect Canaan saw abiding profits during the Q1 afterwards advertisement its unaudited aboriginal division 2024 banking after-effects on Tuesday Canaan acclaimed that it expects to at atomic sustain accepted profits or acceleration aloft to almost 150 to 250 actor in acquirement for Q2
Canaan Expects $250M in Revenue for Q2 – Company Recognizes It’s Hard to Predict With Current Bitcoin Volatility
On Tuesday, the China-based ASIC mining rig maker Canaan (Nasdaq: CAN) appear the firm’s unaudited aboriginal division 2021 banking results and the aggregation did able-bodied this year. The bulk of hashrate awash jumped by 122% compared to the aforementioned aeon of 2020. Additionally, Canaan saw a “larger aggregate of sales orders of bitcoin mining machines” during the aboriginal quarter. Total net acquirement was about 402 actor yuan or $61.5 actor according to Canaan’s unaudited banking records.
“Our banking achievement bigger decidedly in the quarter, apprenticed by the Bitcoin amount rally, college chump appeal for affection mining machines, and our adeptness to access up mining apparatus assembly and deliveries,” Nangeng Zhang, chairman, and CEO of Canaan appear in the analysis report.
“During the period, we bigger our mining apparatus assembly yields and anchored acceptable accommodation for approaching assembly by accomplishment tighter partnerships with key branch ally and added suppliers. We additionally maintained our cardinal focus on acceptable our R&D capabilities to augment the affection and achievement of our mining machines,” Zhang added.
Canaan Expects ‘Yields and Deliveries to Increase Substantially’
Canaan is assured appropriate after-effects in Q2 acknowledgment to a ample cardinal of mining rig orders placed. The banking address acclaimed that the aggregation believes Q2 will at the atomic be on par with Q1 but could cull in a projected $150 to $250 actor in revenue. Canaan’s Q1 banking results’ business angle notes:
The Q1 account follows two letters in April area Canaan awash $93.63 million account of ASIC rigs to Genesis Digital Assets, and 11,760 next-generation A1246 ASIC Avalonminers to a aggregation alleged Mawson Infrastructure Group. During the aboriginal ages of January, Canadian bitcoin miner Hive Blockchain has bought 6,400 next-generation mining machines from Canaan.
The company’s first-quarter 2024 banking after-effects did not accord Canaan shares a addition on Tuesday as CAN shares bankrupt at $10.26 per allotment to $9.80 per share. Canaan’s A1246 ASIC Avalonminer is the seventh best able mining rig today according to asicminervalue.com stats, which shows an A1246 gets about $21 per day in accumulation at $0.12 per kilowatt-hour.
What do you anticipate about Canaan assured $150 to $250 actor in acquirement for Q2? Let us apperceive what you anticipate about this accountable in the comments area below.
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