Canaan Technology Q1 Financial Report: Total revenue reached $82.78 million, a rise of 135.9% compared to the same period last year.

On May 21, cryptocurrency mining company Canaan Technology (NASDAQ:CAN) announced its unaudited financial results for the first quarter, according to official information. According to the financial report, the company's total revenue in the first quarter reached $82.78 million, driven by the bitcoin proprietary mining business, exceeding the previous financial forecast guidance of $75 million and an increase of 135.9% over the same period last year. According to the financial report, Canaan's total sales computing power in the first quarter was as high as 5.5 million TH/s, a year-on-year increase of 62.6%. The company's proprietary mining also achieved good results: mining revenue reached $24.25 million in the first quarter, an increase of 131.9% year-on-year, and a total of 259 bitcoins were mined, with an average revenue of $93,466 per bitcoin. In terms of gross profit, Canaan's gross profit in the first quarter was approximately US$650,000, compared with a gross loss of US$37.33 million in the same period last year, significantly improving the previous decline.