Bitcoin Mining Rig Maker Canaan Posts USD185 Million in 2017 Sales

Bitcoin Mining Rig Maker Canaan Posts USD185 Million in 2017 Sales

Dou Shicong

Date: Fri, 01/12/2018 - 19:50 / source:Yicai
Bitcoin Mining Rig Maker Canaan Posts USD185 Million in 2017 Sales
Bitcoin Mining Rig Maker Canaan Posts USD185 Million in 2017 Sales

(Yicai Global) Jan. 12 -- Chinese bitcoin mining equipment manufacturer Canaan Creative Co. recorded sales of over CNY1.2 billion (USD185.2 million) and profits of CNY300 million last year, Shou quoted Co-Chairman Kong Jianping as saying.

Sales and profits will be CNY10 billion and CNY5 billion, Kong estimated.

The Beijing-based group applied to list on the National Equities Exchange and Quotations, also known as the New Third Board, last August. It had sold 160,000 units under its Avalon brand as of April last year. Canaan serves over 400 customers, and 97 percent of them are from China. They mainly operate in provinces with abundant electricity resources.

Electrical equipment manufacturer Shandong Luyitong Intelligent Electric PLC planned to acquire Canaan in 2016, but a valuation of more than CNY3 billion caused the deal to fail.

China is home to 70 percent to 80 percent of bitcoin mines. Low power costs in Sichuan, Yunnan and Inner Mongolia have attracted miners.

A leading government work group that polices China’s internet for financial risks issued a circular directing local governments to adopt targeted measures on electricity prices, land, taxation, and environmental protection to steer bitcoin mining enterprises’ orderly retreat from the market and report to the group their progress in so doing, insiders told Yicai Global earlier this month.

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Keywords: Canaan, Bitcoin Miners, National Equities Exchange And Quotations, Shandong Luyitong Intelligent Electric