Jia Nan Technology's net profit in the third quarter fell by 88% year-on-year; total computing power sold decreased by 49% year-on-year

ChainCatcher news, Canaan Creative released its financial report for the third quarter of 2022, showing a net profit of 61.1 million yuan, a year-on-year decrease of 88.1% and a quarter-on-quarter decrease of 90%; the total computing power sold was 3.54 million TH/s, down 48.5% year-on-year and 37.1% quarter-on-quarter.

In addition, Canaan Creative's revenue for the third quarter was 978.2 million yuan, a quarter-on-quarter decrease of 40.8% and a year-on-year decrease of 25.8%. Canaan's Chief Financial Officer James Jin Cheng stated that given the decline in Bitcoin prices, rising energy costs, and increasing cash pressure on miners, the market conditions are expected to continue to deteriorate. (source link)