Despite facing industry headwinds, Canaan crushed its fourth-quarter performance with a staggering $15.3 million in mining revenue. The crypto mining giant raked in a jaw-dropping 312.5% increase compared to the same period last year. Not too shabby for a company operating in the volatile crypto space. They mined 186 Bitcoins during Q4, averaging $82,174 per Bitcoin. Better than expected. They actually exceeded their previous guidance of $80 million.
For the full year 2024, Canaan pulled in $44 million in mining revenue. That’s a solid 29.6% jump from 2023’s $34 million. By year’s end, they’d mined 933.8 BTC, considerably expanding their mining muscles and contributing to their impressive total revenue of $269.3 million. Canaan’s overall total revenue growth of 80.9% year-over-year demonstrates their strong market position.
The company’s Bitcoin holdings are nothing to sneeze at. Canaan now sits on a treasure chest of 1,292.5 BTC, worth approximately $112 million at current rates. Of those, 562.3 BTC are owned directly, 600 BTC are pledged for secured loans, and 100.3 BTC are parked in a fixed-term product. Smart diversification.
Canaan’s also making major moves in North America. New team. New agreements in Pennsylvania and Texas. They’re aiming to add 4.7 EH/s computing power and reach a whopping 10 EH/s in North America by mid-2025. Ambitious, but doable. Like many large-scale miners, they likely participate in mining pools to ensure more consistent earnings despite the shared rewards.
Their operational metrics for Q4 show a month-end global hashrate of 6.43 EH/s—an 18.2% increase from the previous quarter. To complement their mining operations, Canaan recently unveiled innovative Avalon Mini 3 and Nano 3S bitcoin mining heaters at CES 2025. They’re keeping power costs low at $0.04/kWh while breaking records with 9.1 million TH/s of computing power sold.
Looking ahead, Canaan projects 2025 revenue between $900 million to $1.1 billion, with Q1 expected around $75 million and Q2 between $120-150 million. They’re not resting on their laurels either, launching the Avalon Q home mining machine and expanding agreements with Luna Square to 36MW.
The mining game is heating up, and Canaan’s playing to win.
