Canaan Inc. announced its unaudited financial results for the three and twelve months ended December 31, 2023. The total computing power sold in the fourth quarter of 2023 was 5.5 million Thash/s, representing a 45.7% increase from the 3.8 million Thash/s sold in the third quarter of 2023 and a 191.9% increase from the 1.9 million Thash/s sold in the same period of 2022. The revenue was $49.1 million, compared to $33.3 million in the third quarter of 2023 and $58.3 million in the same period of 2022. Mining revenue was $3.7 million, a 13.6% increase from $3.3 million in the third quarter of 2023 but a 65.5% decrease from $10.7 million in the same period of 2022. The total computing power sold in 2023 was 19.6 million Thash/s, a 29.6% increase from the 15.1 million Thash/s sold in 2022. The revenue was $211.5 million, compared to $651.5 million in 2022. Mining revenue was $34 million, compared to $32.5 million in 2022.

The three major U.S. stock indexes collectively opened higher, with the Dow up 0.21%, the Nasdaq up 0.34%, and the S&P 500 up 0.22%. The U.S. Securities and Exchange Commission has approved the listing and trading of 11 Bitcoin spot ETFs, and stocks related to cryptocurrencies have soared, with Canaan Technology up over 14%, Marathon Digital and Riot Platforms up nearly 7%, and MicroStrategy up nearly 6%.

Bitcoin mining company Canaan is looking for new funding after experiencing a decline in revenue and profits. In its Q3 2023 earnings report, the company announced plans to sell $148 million in equity through an at-the-market offering. Canaan also recently agreed to issue up to 125,000 preferred stock at $1,000 each to an undisclosed institutional investor for a total of $125 million. The decline in revenue is attributed to a decrease in the number of Bitcoin mined and a fall in the number of ASIC mining rigs sold, as well as increased pricing competition and a softening in purchasing power. Canaan expects its Q4 revenue to remain unchanged due to challenging market conditions.