Jiangnan Technology Q1 Financial Report: Total Revenue Reached $82.78 Million, a 135.9% Year-over-Year Increase

BlockBeats News, May 21st, According to official sources, cryptocurrency mining firm Canaan Technology (NASDAQ: CAN) has released its unaudited first-quarter financial report. The financial report shows that driven by its Bitcoin self-mining business, the company's total revenue for the first quarter reached 82.78 million USD, exceeding the previous 75 million USD financial forecast guidance, a year-on-year growth of 135.9%.

The financial report shows that Canaan Technology's total sales hash rate in the first quarter reached 5.5 million TH/s, a 62.6% year-on-year increase. The company also achieved good results in self-mining: first-quarter mining revenue reached 24.25 million USD, a 131.9% year-on-year increase, mining a total of 259 bitcoins with an average revenue per bitcoin of 93,466 USD. In terms of gross profit, Canaan Technology's first-quarter gross profit was approximately 650,000 USD, compared to a gross loss of 37.33 million USD in the same period last year, showing a significant improvement from the previous downturn.