Due to the continued popularity of cryptocurrencies, listed companies that are involved with the crypto mining space have come into focus among investors. However, on Monday, Canaan Inc (NASDAQ: CAN), which is a company involved with supplying mining equipment for crypto mining, saw its stock tank by as low as 27%.
Yesterday, the company announced its financial results for the full year 2020 and the results proved to be a disappointment. At this point Canaan has contracts that are worth as huge as $174 million and hence, it will have enough for 2021.
That being said, the company’s old inventory has not generated suitable demand so far. The numbers make for grim reading. Canaan managed to generate only $5.9 million in the fourth quarter of 2020 and $68.6 million for the full year. The fourth-quarter revenues declined by as much as 82% year on year reflecting the sort of struggle Canaan has had in recent times.
Editor and Computer Expert
A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.