Avalon Bitcoin Miner Creator, Canaan Creative, Records $13 Million Profit in Q3 Per Its New IPO Filing

Avalon Bitcoin miner Canaan Creative, a China-based computer hardware manufacturer has netted a profit of $13 million USD, equivalent to $94 million yuan this year.

Canaan Creative which is the world’s second largest bitcoin miner maker specializes in Blockchain servers for use in bitcoin mining. It got a major boost this year following bitcoin price’s bullish run since the month of April. Compared to last year, a 40 percent growth was recorded this year over the same period. Revealing on their latest initial public offering (IPO) filing in the US, they stated to have recorded a profit of $13 million from 670 million grossed.

Canaan posts $31 million loss for 2019

Ending September this year, a revenue of $132 million over the nine month period would give the company a net loss of $31.2 million. Canaan recorded a $45.8 million net loss by the middle of 2019. In an attempt to go public, Canaan officially filed its IPO in China and Hong Kong but saw the same attempt collapse due to regulatory misgivings. One of Canaan’s largest competitors Bitmain, has also tried to complete an IPO but all attempts have failed.

This year the company has seen its demands sky rocket to the point of outstripping its own supply and this is attributed to Bitcoin’s price jump since earlier this year. As reported by Cointelegraph, Bitcoin mining participants remain optimistic about the industry’s future perspectives.

According to its latest filing, Canaan’s older Avalon 8 series products contributed to the firm’s main sales volume this year with a staggering 265,756 units sold. Its latest models A9 and A10 followed projecting lower sales volumes at 88,034 and 55,556 respectively. In their latest IPO filing, Canaan stated that it sold a total computing power of 7.59 exhashes per second for first three-quarters of 2019. This translates to about 8% of bitcoin’s current network hash rate.

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