Canaan Inc., a leading crypto mining hardware manufacturer, has posted an impressive 2024 performance, reporting $269.3 million in total revenue and a 312% surge in bitcoin mining income. The company is also boosting its North American presence, with plans to significantly increase its mining capacity in the coming months.

Strong Revenue Growth and BTC Reserves

Canaan’s 2024 revenue rose by 27.4% year-on-year, reaching $269.3 million, driven by hardware sales and its expanding bitcoin mining operations. Of this, $44 million came from bitcoin mining, a massive 312.5% increase compared to 2023. The company now holds 1,292.5 BTC, reinforcing its crypto asset base.

In Q4 alone, Canaan earned $88.8 million, marking an 80.9% YoY increase. It mined 186 BTC during the quarter at an average price of $82,174, reflecting both operational efficiency and favourable market conditions.

Record-Setting Computing Power Sales

Canaan also achieved a record high in computing power sales, reaching 9.1 million terahashes per second (TH/s). The company credits its high-performance Avalon A15 series for driving this momentum, which has helped maintain its competitive edge in a rapidly evolving mining landscape.

CEO Nangeng Zhang highlighted Canaan’s focus on “high-quality, customised mining solutions” and reaffirmed the company’s belief in bitcoin’s long-term potential. He emphasised innovation and operational excellence as the cornerstones of Canaan’s growth strategy.

Expansion into North America

As part of its global expansion strategy, Canaan is increasing its presence in North America. On March 26, the company signed agreements with Mawson Hosting LLC and another unnamed partner, securing mining sites in Pennsylvania and Texas.

These deals are expected to add 4.7 exahashes per second (EH/s) of computing power by Q2 2025, significantly scaling up Canaan’s mining capacity. The move reflects a broader industry trend of diversifying mining operations outside of China and into energy-rich regions.

Outlook: Cementing a Leading Position

With growing mining infrastructure, rising BTC reserves, and soaring hardware sales, Canaan is positioning itself as a dominant force in the global bitcoin mining ecosystem. Its aggressive expansion strategy, combined with record-breaking financials, underlines the company’s commitment to long-term growth.

As the next Bitcoin halving approaches, Canaan’s increased capacity and improved efficiency could prove pivotal in maintaining profitability and staying ahead in the competitive mining sector.