PANews reported on May 20 that according to PR Newswire, Bitcoin mining machine manufacturer Canaan Technology (NASDAQ: CAN) announced its unaudited financial report for the first quarter of 2025, with total revenue of US$82.8 million, exceeding the performance guidance of US$75 million, a year-on-year increase of 135.9%. Among them, the Bitcoin mining business revenue was US$24.3 million, a year-on-year increase of 131.9%. A total of 259 Bitcoins were mined, with an average profit of US$93,466 per Bitcoin. The company achieved a positive gross profit margin, recording a gross profit of US$600,000, compared with a loss of US$37.3 million in the same period last year.

Operational data shows that Canaan Technology sold a total of 5.5 million TH/s of computing power this quarter, a year-on-year increase of 62.6%. As of the end of March, the company's global deployment of computing power reached 6.6EH/s, of which North America accounted for more than 3EH/s. At the end of April, the global computing power further increased to 8EH/s. The company's Bitcoin holdings hit a record high of 1,408.