Chinese Bitcoin mining hardware maker Canaan says in its first quarter 2021 earnings report that overseas sales accounted for almost four-fifths of its revenue during the quarter. The figure is a huge increase on the 4.9% for the same period last year, and it marks the first time international sales have outstripped domestic ones.
- The company’s total net revenue increased 489.9% year over year, rising to CNY402.8 million (US$61.5 million) for the quarter, up from CNY68.3 million in the same period in 2020.
- Canaan attributed the jump to the fact that the total computing power sold had increased by 122% on the same period last year, amounting to 2 million Thash/s in the quarter.
- The company has been pushing into international markets amid uncertainty in the domestic industry as China cracks down on mining operations, citing environmental concerns. Canaan CEO Zhang Nangeng has joined calls for miners using power from renewable sources to be exempted from such bans.