$CAN Announced all time high purchased bitcoin mining machines
Canaan Announces Improved Revenue Visibility in 2021
today announced that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. Many of those purchase orders were placed with prepayment and will likely occupy the Company’s current manufacturing capacity entirely for the full year of 2021 and beyond. With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast. As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
In late 2020, we shifted our client base to mostly publicly traded companies and bitcoin-focused investment funds which tend to place sizable orders with longer-term commitment. As a result, we can now forecast our revenue much more precisely.
This development from Canaan isn't a total surprise. After all, the price of Bitcoin has risen dramatically in recent months, and that attracts more miners to the pool. When more miners join the Bitcoin blockchain network, it adds to the hashrate. According to Blockchain.com, the total hashrate for Bitcoin has spiked to all-time highs in recent days.
finance.yahoo.com/news/canaan-announces-improved-revenue-visibility-110000803.html
fool.com/investing/2021/02/10/why-canaan-stock-soared-today-even-as-other-bitcoi/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
today announced that its revenue visibility has improved substantially in 2021 as a result of attaining purchase orders totaling more than 100,000 units of bitcoin mining machines from customers in North America. Many of those purchase orders were placed with prepayment and will likely occupy the Company’s current manufacturing capacity entirely for the full year of 2021 and beyond. With those fully committed purchase orders, the Company now enjoys a much higher degree of revenue visibility and more precise forecast. As such, the Company is able to leverage such information and additional liquidity to conduct its component purchases, production scheduling, warehousing and logistics.
In late 2020, we shifted our client base to mostly publicly traded companies and bitcoin-focused investment funds which tend to place sizable orders with longer-term commitment. As a result, we can now forecast our revenue much more precisely.
This development from Canaan isn't a total surprise. After all, the price of Bitcoin has risen dramatically in recent months, and that attracts more miners to the pool. When more miners join the Bitcoin blockchain network, it adds to the hashrate. According to Blockchain.com, the total hashrate for Bitcoin has spiked to all-time highs in recent days.
finance.yahoo.com/news/canaan-announces-improved-revenue-visibility-110000803.html
fool.com/investing/2021/02/10/why-canaan-stock-soared-today-even-as-other-bitcoi/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article
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