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Canaan creative reports a net profit of $13 million for its 3rd quarter, a 40% rise from last year

crypto mining equipment

Canaan Creative, a cryptocurrency mining firm that produces equipment to mine Bitcoin and other cryptocurrencies, earlier today posted a net profit of $13 million in its 3rd quarter of the current financial year. This rise in profit comes after the price of Bitcoin gradually moved up in value when compared to the dollar.

The mining company released its financial reports on November 6th to the SEC for its Initial Public Offering(IPO) in the United States.

The company reported an overall revenue of $97 million for the 3rd quarter of the financial year which is a 40% rise from the same time last year. Over the last year, cryptocurrency equipment producers have seen a steady rise in income as the market price of Bitcoin and other cryptocurrencies continued to grow.

Canaan Creative had earlier filed for an IPO in China and Hong Kong, however, failed to get approval with exchanges. In the IPO filed in the United States, the company is looking to raise $400 million from investors. If the IPO is successful, the mining equipment producer would be one of the first company’s in the cryptocurrency industry.

About the author

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Katherine Hughes

Katherine has worked with publication in the US for over 2.5 years. She is currently an author, writer, and editor at BitMaq. She is the youngest author in the team and currently works from a remote location. She would be moving to the New York office by the end of this year. She majored in journalism from the University of Florida. She writes articles related to blockchain technology, Fintech, artificial intelligence, hardware, and software. She loves taking her pets for a walk on weekends and lives with her husband.

Twitter: https://twitter.com/RealKHughes

Email: katherine@bitmaq.com

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