Canaan Creative, a cryptocurrency mining firm that mines Bitcoin and other cryptocurrencies, earlier today posted a net profit of $13 million in its 3rd quarter of the current financial year. The rise in profit comes after the price of Bitcoin gradually moves up in value when compared to the dollar.
The mining company released its financial reports on November 6th and also filed its financial reports at 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. In the last year, cryptocurrency equipment producers have seen a steady rise in income as the market price of Bitcoin and other cryptocurrencies continue 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 in this industry to do so.