Canaan Creative posted $ 13 million profit for Q3 2019

Canaan Creative, the world’s second largest mining device maker, earned about $ 13 million in net profit for the third quarter of 2019 due to an increase in the price of bitcoin.

In an updated application for an initial public offering (IPO) in the United States, the company said that for the third quarter of this year, it managed to make a profit of $ 13 million with revenue of $ 95 million. Thus, compared with the same period last year, profit growth was 40 %

Canaan officially filed for an IPO in the United States last month, the company’s third public offering after two previous applications in China and Hong Kong were rejected.

The rise in the price of bitcoin since the beginning of this year led to an increase in sales of Avalon miners, and market demand exceeded the company’s offer. The bulk of Canaan’s sales so far come from older Avalon 8 series products – 265,756 units sold. For the latest A9 and A10 models, sales were 88,034 and 56,556 devices, respectively.

In a request, Canaan noted that in the first nine months of 2019, the company sold devices with a total processing power of 7.59 examinations per second – about 8% of the current hashrate of the Bitcoin network.