Event: Bitcoin mining machine manufacturer Canaan Creative (CAN.O) released its Q4 2024 report, performing well, supporting the view of 'a recovery in the Bitcoin mining machine industry chain.'
The spring river water is warm, and Bitcoin mining machines continue to thrive. According to the Frost & Sullivan report, as of 2023, the combined market share of the top three Bitcoin mining companies is 95.4%, with Canaan Creative ranking second with a market share of about 12.1%. Therefore, Canaan Creative is somewhat representative of the Bitcoin mining machine market. We can glimpse the prosperity of the Bitcoin mining industry through its financial performance.
We noticed that,
1) The company's main business is still mining machines. In Q4 2024, 83% of Canaan Creative's revenue came from the design and sales of Bitcoin mining chips, and 17% from self-operated Bitcoin mining.
2) The company's revenue growth rate is high. Canaan Creative's revenue for Q4 2024 was $88.77 million, a quarter-on-quarter growth of 21%, exceeding the company's guidance (when announcing Q3 2024 financial report, the company expected Q4 2024 revenue to be around $80 million); it incurred a loss of $92.9 million; adjusted net profit was $19.3 million. We found that since Q4 2022, the revenue from the units sold, after deducting operating costs, has shown an upward trend.
3) The company's hashrate sales have shown impressive growth, with stable prices. In the mining machine sales business, hashrate sales reached 9.1 million TH/s, a quarter-on-quarter growth of 65.9%; the sales price per TH was $8.1, a slight quarter-on-quarter decrease of 9%, relatively stable.
As the price of Bitcoin rebounds, it drives an increase in the overall network hashrate, with stable prices for mid-to-high-end mining machines. From December 31, 2022, to March 25, 2025, the price of Bitcoin rose by 427% from $17,000 to $87,000; the overall network hashrate increased by 177% from 294 EH/s to 814 EH/s. Since Q2 2024, the prices of high-performance mining machines (energy efficiency ratio <19J/TH) and mid-performance mining machines (energy efficiency ratio of 19-25J/TH) have remained relatively stable.
The Bitcoin Spot ETF and the election of 'crypto president' Trump jointly created a Bitcoin bull market from 2023 to 2025.
1) Bitcoin Spot ETF: In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the listing of Bitcoin Spot ETFs. As of March 25, 2025, the assets managed by U.S. Bitcoin Spot ETFs reached $99.2 billion, widely welcomed in the market, accounting for 32% of the global gold spot ETF.
2) 'Trump Trade': In November 2024, pro-crypto asset Trump was elected as President of the United States, proposing to make the U.S. the 'global cryptocurrency capital'; in 2025, the White House held its first-ever summit on crypto assets, where Trump issued an executive order confirming that the U.S. would include Bitcoin in its strategic reserves.
Recommended to pay attention to: Considering the good performance of Bitcoin mining machine manufacturers' financial reports, and that the U.S. continues to introduce favorable policies for crypto assets, it is recommended to pay attention to Bitcoin concept stocks:
1) Holding Coins: Microstrategy (MSTR);
2) Exchanges: Coinbase (COIN), Robinhood (HOOD), etc.;
3) Bitcoin Mining: Marathon Digital (MARA), Riot Platform (RIOT), Canaan Creative (CAN), Bitdeer (BTDR), and Canggu (CANG) among others.
Risk warning: Bitcoin price decline, U.S. Bitcoin reserve policy falling short of expectations, and tightening global regulation of crypto assets.
Welcome to follow Web3 Coin World, which updates stories about the coin circle or coins every day. Your attention is the source of my creativity. #比特币矿机 #比特币
Binance overseas registration download link: https://www.binance.com/zh-CN/join?ref=R0L9EBCX
Binance domestic registration download link: https://www.marketwebb.ac/zh-CN/join?ref=R0L9EBCX
