Mining Rig Manufacturer Canaan Registers $13 Million in Profit for Q3 2019

  • Canaan Creative registered 94 million yuan ($13 million) in profits for Q3 2019.
  • The mining rig manufacturer updated its initial public offering (IPO) filing in the US. 

Crypto mining rig manufacturer Canaan Creative posted a net profit of $13 million for Q3 2019, as the mining industry continues its resurgence. 

According to a report by Finance Magnates, Canaan registered 94 million yuan ($13 million) in net profit during the third quarter of the year. The numbers were released on Nov. 6 as a part of an update to the firm’s filing in the U.S. for its initial public offering (IPO). 

Canaan also reported 670 million yuan ($97 million) in quarterly revenue, up 40% over the same period from the year before. Cryptocurrency mining and rig manufacturers have experienced a resurgence in 2019, as the market continues a steady climb in price throughout the year. 

While Canaan failed to launch an IPO in both mainland China and Hong Kong, the company has attempted a filing in the US and is reportedly looking to raise $400 million from the offering. Compared to last year, when the company booked a total net profit of $8.3 million, 2019 has proved to be far more fortuitous. 

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