<br><div><figure class="caas-figure"><div class="caas-figure-with-pb" style="max-height: 616px"><div><div class="caas-img-container" style="padding-bottom:64%;"><img class="caas-img has-preview" alt="" src="https://s.yimg.com/ny/api/res/1.2/5p_Bur5oArXBDV7qO8zHoQ--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTYxNg--/https://media.zenfs.com/en/forkast_news_articles_672/d57c830a8e38eac8d97ae260bc085e2c"/></div></div></div></figure><p>Canaan’s shares on Nasdaq closed 3.83% decrease at US$2.51 on Wednesday after the cryptocurrency mining rig maker <a target="_blank" href="https://www.prnewswire.com/news-releases/canaan-inc-reports-unaudited-fourth-quarter-and-full-year-2022-financial-results-301764353.html" rel="nofollow noopener" data-ylk="slk:reported;elm:context_link;itc:0" class="link ">reported </a>an 82% year-on-year drop in income on Tuesday for the fourth quarter of final yr. The corporate cited “lackluster market demand” for mining machines as the value of Bitcoin fell.</p><p><strong><em>See associated article:</em></strong><a target="_blank" href="https://forkast.news/bitcoin-price-relief-cash-crypto-miners/" rel="nofollow noopener" data-ylk="slk:Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry;elm:context_link;itc:0" class="link "> Bitcoin’s price gains this year bring needed relief to cash-strapped crypto mining industry</a></p><h2>Quick info</h2><ul class="caas-list caas-list-bullet"><li><p>Within the fourth quarter of 2022, the Nasdaq-listed firm booked 391.9 million yuan (US$56.8 million) in income, down 60% from the third quarter and a hunch of 82.1% from the identical interval in 2021.</p></li><li><p>Canaan’s revenues for the whole yr got here in at 4.38 billion yuan, down from 4.99 billion yuan in 2021, primarily “as a result of decline in whole computing energy offered,” the corporate mentioned.</p></li><li><p>Canaan reported a internet earnings of 658.2 million yuan in 2022, in comparison with a internet earnings of two billion yuan in 2021.</p></li><li><p>“We went by a troublesome fourth quarter because the additional sinking bitcoin value through the quarter led to lackluster market demand for mining machines as we anticipated,” Nangeng Zhang, chairman and chief govt officer of Canaan, mentioned within the report. “To mitigate demand dangers through the market downturn, we've got been diligently bettering and creating our mining enterprise.”</p></li><li><p>The mining rig maker mentioned it has been creating its personal Bitcoin mining enterprise “because the second engine to capitalize on the Bitcoin ecosystem” on high of its mining machine gross sales.</p></li><li><p>As of the tip of February, Canaan had put in computing energy totaling 3.8 exahashes per second (EH/s) for its mining operations in Central Asia and North America, and it's ramping up the computing energy with a goal vary between 5 EH/s and 5.5 EH/s by the tip of the primary quarter of this yr, in keeping with the report.</p></li></ul><p><strong><em>See associated article:</em></strong><a target="_blank" href="https://forkast.news/headlines/crypto-miner-hive-blockchain-posts-wider-losses-cites-ethereum-merge/" rel="nofollow noopener" data-ylk="slk:Crypto miner Hive Blockchain posts wider losses, cites Ethereum Merge;elm:context_link;itc:0" class="link "> Crypto miner Hive Blockchain posts wider losses, cites Ethereum Merge</a></p></div>