Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United States
  4. Nasdaq
  5. Canaan Inc.
  6. News
  7. Summary
    CAN   US1347481020

CANAAN INC.

(CAN)
  Report
SummaryQuotesChartsNewsCalendarCompanyFinancials 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

Canaan : Commences Joint Mining Operations of More Than 2,000 Mining Machines in Kazakhstan

11/24/2021 | 05:00am EST
Canaan Commences Joint Mining Operations of More Than 2,000 Mining Machines in Kazakhstan
publish date 2021-11-24

Canaan, a leading provider of supercomputing solutions, announced the successful delivery of over 2,000 Avalon Miner units in Kazakhstan, marking the commencement of joint mining operations by Canaan's overseas-registered operating entity. More mining machines are expected to arrive in Kazakhstan throughout the week as Canaan completes the deployment and establishment of its overseas joint mining operations in full compliance of the rules and regulations of the markets it operates in.

Nangeng Zhang, Chairman and CEO of Canaan, said, "We upheld our business philosophy of operating in compliance with relevant laws and regulations, and chose to work with partners in overseas markets who are fully compliant and able to scale in meaningful ways. We are able to leverage our advantages in the supply chain to allocate machines to the facilities of strategic partners with lower electricity costs. "

According to the company's financial reporting for the third quarter, Canaan is currently operating mining machines with a total computing power of approximately 32,000 Thash/s, with a view of deploying and operationalizing 850,000 Thash/s of total computing power in the near term.

Canaan started its joint mining business in Kazakhstan, with its top three customers which are large corporations authorized by the country's Ministry of Energy. Nangenng Zhang added, "After 6 months of practice and learning, Canaan is now fully compliant and aligned to the local legal, taxation, and business requirements, signing up to 1 million TH/s of computing power that is due for deployment by the end of January 2022." Canaan is also under successful negotiation for coming joint mining projects for total power capacity of approximately 200 MW.

According to the company's third quarter financial report, Nangeng Zhang also added that the cost of mining in the pilot run stage in the third quarter the gross margin was 61%, which is slightly higher than the gross margin of Canaan's sales of mining machines. However, the company does not rule out the possibility of trading the bitcoins it holds in the future.

"Canaan plans to grow further through balancing production and maintenance needs of mining machines, in accordance with the company's growth strategy and their increasing knowledge of the rapidly developing landscape," Nangeng Zhang added.

Disclaimer

Canaan Inc. published this content on 24 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 November 2021 09:59:01 UTC.


ę Publicnow 2021
All news about CANAAN INC.
01/06EMEA MORNING BRIEFING : Stocks to Tumble as Fed Minutes Surprise on Tightening
DJ
01/04Tech Stocks Advance Pre-Bell Tuesday
MT
01/04Wall Street Set for Positive Open, Data Eyed
MT
01/04Canaan Expands Crypto Mining Capabilities in Kazakhstan
DJ
01/04Canaan Deploys Mining Machines in Kazakhstan
MT
01/04CANAAN : Expands its Mining Operations with Deployment of Over 10,000 Mining Machines - Fo..
PU
01/04Canaan Expands its Mining Operations with Deployment of Over 10,000 Mining Machines
PR
01/04Canaan Inc. Expands Its Mining Operations with Deployment of over 10,000 Mining Machine..
CI
2021CANAAN : Amendment to Annual Report by Foreign Issuer (Form 20-F/A)
PU
2021Lab Equipment Maker Zhejiang Canaan Raises $41 Million From Share Sale; Shares Slide 4%
MT
More news
Financials
Sales 2020 448 M 70,4 M 70,4 M
Net income 2020 -215 M -33,8 M -33,8 M
Net cash 2020 403 M 63,4 M 63,4 M
P/E ratio 2020 -4,31x
Yield 2020 -
Capitalization 4 084 M 642 M 642 M
EV / Sales 2019 4,44x
EV / Sales 2020 12,6x
Nbr of Employees 248
Free-Float -
Chart CANAAN INC.
Duration : Period :
Canaan Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CANAAN INC.
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Managers and Directors
N. G. Zhang Chairman & Chief Executive Officer
Tong He Finance Director
Jin Cheng Chief Financial Officer
Wu Jing Jie Vice President-Technology
Wenjun Zhang Independent Director
Sector and Competitors
1st jan.Capi. (M$)
CANAAN INC.-26.99%633
DELL TECHNOLOGIES INC.-1.28%42 357
HP INC.-6.53%38 123
GOERTEK INC.-12.99%24 679
SEAGATE TECHNOLOGY HOLDINGS PLC-8.23%23 083
HEWLETT PACKARD ENTERPRISE COMPANY0.25%20 449