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Bitcoin mining giant Canaan posts $13m profits in Q3

By Yana Berman

The world’s second largest mining equipment maker reports gains prior to public listing

Chinese mining giant Canaan has updated its filing for an initial public offering (IPO) in the US, reporting on $13m (£10.1, €11.7m) profits in the third quarter of 2019.

The figures revealed by the world’s second-largest crypto mining equipment manufacturer show that its overall revenue was $95m (£73.9, €85.8m). The profit of $13m means a 40 per cent increase in comparison to the same period last year.

Total net loss for the nine months ending September 2019 comprises $31.2m (£24.2m, €28.2m) on a revenue of $132m (£102m, €119m).

As reported previously, the company filed for an IPO in the US late October. The ASIC manufacturer is going to list its shares on Nasdaq under the ticker CAN. Canaan aims to raise $400m (£312m, €361m) during the IPO. The company listed Credit Suisse, Citigroup, CMBI and Galaxy Digital as its underwriters.

Bitcoin's price recovery, which started April 2019, catalysed the growth of bitcoin mining equipment sales and the market demand surpassed the company's supply.

In the latest filing the company stated that its main sales volume came from Avalon 8 mining rigs, as Canaan managed to sell over 265k of them. Its newest models, A9 and A10, demonstrated a sales volume of 88k and 56k, respectively.

Canaan's main rival, Bitmain, is also rumoured to seek for the US IPO. However, the information has not yet been confirmed.

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