Canaan Inc., a leading crypto mining hardware manufacturer, has released its impressive 2024 financial results, showcasing robust growth in revenue and a significant boost in bitcoin mining activities. The company’s strategic expansion in North America further solidifies its position in the competitive bitcoin mining industry.
Strong Financial Performance in 2024
Canaan recorded a total revenue of $269.3 million in 2024, a 27.4% increase compared to the previous year. Bitcoin mining revenue saw a remarkable 312% surge, reaching $44 million, driven by the company’s expanded mining infrastructure and technological advancements.
The firm mined 1,292.5 BTC, reinforcing its position as a significant bitcoin holder. In Q4 alone, Canaan reported $88.8 million in revenue, an 80.9% year-on-year growth, with bitcoin mining contributing $15.3 million from 186 BTC mined at an average price of $82,174.
Record Computing Power Sales
Canaan set a milestone in computing power sales, achieving a record-breaking 9.1 million TH/s in 2024. Its flagship A15 series mining solutions played a crucial role in this success.
Chairman and CEO Nangeng Zhang stated, “We remain steadfast in delivering high-quality, customised mining solutions and are confident in bitcoin’s long-term potential. Our innovation and operational excellence are key to our leadership in the bitcoin ecosystem.”
Expanding North American Footprint
To bolster its mining capabilities, Canaan announced partnerships with Mawson Hosting LLC and another undisclosed partner, securing new mining facilities in Pennsylvania and Texas. These agreements will add 4.7 EH/s of computing power by Q2 2025, enhancing Canaan’s operational scale in North America.
This expansion aligns with Canaan’s strategy to tap into regions with favourable regulatory environments and abundant energy resources, ensuring competitive operational efficiency.
Cementing Leadership in Bitcoin Mining
Canaan’s robust growth in revenue, record computing power sales, and strategic expansion highlight its determination to dominate the bitcoin mining industry. As it scales operations and strengthens its infrastructure, the company is well-positioned to capitalise on bitcoin’s long-term potential while delivering innovative solutions for the evolving crypto ecosystem.
With its 2024 success, Canaan remains a key player in driving technological advancements and maintaining its edge in the competitive landscape of crypto mining.
