TechFlow news — On March 3, Canaan Inc. (NASDAQ: CAN) released its Bitcoin mining operations update for February 2025 and preliminary unaudited financial results for the fourth quarter of 2024. In February, Canaan mined a total of 82 bitcoins and held 1,355 bitcoins on its balance sheet as of month-end. Operational hash rate increased from 5.53 EH/s to 5.73 EH/s by the end of the month.
Financial-wise, Canaan expects total revenue for the fourth quarter of 2024 to be approximately $89 million, exceeding the previous guidance of $80 million. Gross loss is expected to range between $6 million and $10 million, reflecting significant improvements in market demand and cost optimization.
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