Canaan Inc. Bitcoin mining machine manufacturer reports $269.3M revenue for 2024, 1,292.5 BTC holding

Canaan Inc. released its unaudited financial report for the fourth quarter and full year of 2024. The company reported a total revenue of $269.3M along with Bitcoin holdings of 1292.5 BTC, worth about $112M according to current market rates.

Financial reports like Canaan Inc.’s latest earnings release provides crucial insight into a company’s financial health, operational performance, and strategic direction. For businesses in the cryptocurrency and blockchain technology, these reports also serve as a barometer for crypto’s relevance, institutional interest, and general market trends.

Canaan Inc.’s 2024 financial performance

Canaan Inc. reported a total revenue of $269.3M, a 27.4% year-over-year upgrade from the $211.5M it grossed in 2023. The company’s Bitcoin mining operation yielded 933.8 BTC by the end of 2024. The substantial increase from the previous year is due to the execution of Canaan Inc.’s strategy to focus on expanding its mining capabilities.

In the fourth quarter of 2024, Canaan Inc.’s total revenue came in at $88.8M, which was well over the projected $80M, up 80.9% compared to the 2023 year. The total revenue for the October-December quarter of 2024 consisted of $73.5M in product revenue, $15.3M in mining revenue, and $20K in other products.

Canaan Inc.’s mining revenue in the fourth quarter was $15.3M, which constitutes a 312.5% year-over-year increase. Mining revenue for 2024 as a whole was $44M, a year-over-year increase of 29.6% from $34M in 2023. It also mined 186 Bitcoins at an average revenue of $82,174 per Bitcoin.

Bitcoin holdings and mining operations

Canaan Inc. held cryptocurrency assets valued at $61.8M and had cryptocurrency receivables worth $69.6M as of December 31, 2024. In total, the company held 1371.9 BTC at the end of the year, including 562.3 BTC owned by the company and 79.3 BTC received as customer deposits. The receivables comprised 600 BTC pledged for secured term loans, 100.3 BTC invested in a fixed-term product, and 30 BTC prepaid for professional services. ​

Canaan Inc. expanded its mining operations in 2024, establishing a new localized team in North America to explore partnerships and implement new projects. It also reported upgrading the mining devices at Stronghold’s Panther Creek facility in January 2025.

On March 26, 2025, the company announced that subsidiaries it wholly owns have signed agreements with Mawson Hosting LLC and a Bitcoin mining facility for mining operations at the partners’ facilities in Pennsylvania and Texas.

The company’s expansion into Pennsylvania and the Bitcoin mining facility in Edna, Texas, is expected to add around 4.7 EH/s of computing power to the Company’s mining operations in North America.

In 2025, the company is projecting that its total revenue will be in the range of $900M to $1.1B.For the first quarter of 2025, the company expects total revenues to be approximately $75M and second quarter revenue within the $120M and $150M range.