Canaan Creative is an Avalon bitcoin miner maker and the second-largest mining equipment manufacturer in the world. It has made about $13 million net profit. Canaan Creative makes $13 million profit in Q3 2019.
The computer hardware company declared in its latest IPO filing, that it has made a profit of $13 million on revenue worth $95 million. The profit has led to revenue growth of 40 percent, as compared to the same time in 2018.
Canaan had recorded a net loss of $45.8 million in the first half of 2019. The firm officially applied for an IPO filing in the US in October. During the application, Canaan went public, which was its third effort after its first two filings. It is in Mainland China and Hong Kong failed to happen.
The price bounce of Bitcoin, since the beginning of 2019, has increased the sales of Canaan and led to the market demand exceeding the firm’s supply.
As per the current filing, the firm’s sales volume of 2019 mainly came from its previous Avalon 8 series models. 265,756 units of the products were sold. While 88,034 and 56,556 units of the firm’s latest A9 and A10 series products respectively were sold.
Canaan Creative makes $13 million profit in Q3 2019. On the whole, Canaan revealed that for the initial nine months in 2019, it was able to sell computing power worth 7.59 exhashes per second. The sale accounts for approximately eight percent of the present hash rate of the Bitcoin network.