Canaan Adds 180 BTC to Reserves, Posting Better Than Expected Figures

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Tech firm Canaan has seen a considerable rise in revenue.
The company holds 346.84 bitcoins, which is an increase of 107.74%.
The Beijing-based mining machine maker reported sales of 1.65 billion yuan (around $238 million).
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Canaan Adds 180 BTC to Reserves, Posting Better Than Expected Figures
China-based tech firm Canaan has boosted its Bitcoin holdings by 180 to a total of 346 BTC despite the market downturn.
The firm, which makes cryptocurrency mining equipment, reported sales of 1.65 billion yuan (around $238 million), a year-over-year growth of 52.8%.
At the same time, the company’s net profit reached 608.9 million yuan (close to $87.8 million), an increase of 148.6% from the previous year.Canaan was founded in 2013 and specializes in ASIC high-performance computing chip design, chip research, and development, computing equipment production, and software services that facilitate mining.
“Overall, we are fully aware of the downward pressure from the Bitcoin price since the last fourth quarter and expect it to bring prolonged headwinds to our performance in the coming quarters,” said Nangeng Zhang, Canaan’s CEO. more info