Canaan expects minor revenue drop in 2022 despite crypto mining crisis
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Cryptocurrency mining giant Canaan continues to generate significant revenues from crypto operations despite the ongoing crypto mining crisis.
Canaan’s total revenue for the first nine months of 2022 was roughly 4 billion Chinese yuan (RMB), or about $573 million, a spokesperson for Canaan told Cointelegraph. As the firm expects to generate another 310 million RMB ($46 million) in Q4, the total annual revenues is expected to amount to 4.3 billion RMB ($619 million).
The amount
The news comes amid the crypto mining industry suffering a major crisis, with 100% of public mining companies having to sell almost all crypto they mined in 2022.
On Dec. 28, crypto mining firm Argo Blockchain sold flagship mining facility Helios to Galaxy Digital in order to reduce its debt and improve liquidity. Previously, crypto mining firm Core Scientific also filed for Chapter 11 bankruptcy on Dec. 21 as a result of rising energy costs.
