Date
22 February 2018
Canaan Creative plans to list its shares on the National Equities Exchange and Quotations. Photo: Canaan
Canaan Creative plans to list its shares on the National Equities Exchange and Quotations. Photo: Canaan

Bitcoin hardware maker Canaan posts 1.2 bln yuan sales in 2017

Beijing-based Canaan Creative, a maker of hardware used in bitcoin mining, recorded sales of over 1.2 billion yuan (US$185.2 million) with a profit of 300 million yuan (US$46.6 million) in 2017, the company’s co-chairman Kong Jianping told Chinese media.

Kong estimates that the company’s sales and profits will reach 10 billion yuan and 5 billion yuan respectively, Yicai Global reported, without specifying the target time frame.

One of the largest makers of ASIC (application-specific integrated circuit) chips for mining bitcoins, Canaan in August last year filed an application to list its shares on the NEEQ (National Equities Exchange and Quotations), also known as the New Third Board, China’s over-the-counter exchange for growth enterprises.

The company, founded in 2013, said it had sold 160,000 units of its Avalon bitcoin mining chip series as of April last year, accounting for 22 percent of the global hash rate (the processing power of the bitcoin network).

Canaan recorded sales of 255 million yuan in the first four months of 2017, with profits of 32.6 million yuan, Securities Daily said, citing the company’s listing documents.

Sales reached 361 million yuan in 2016, up 41 percent from 2015, with profits rising 22-fold to 58 million yuan.

As of last April, the company has served more than 400 customers, 97 percent of whom are based in China.

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BN/CG

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