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In the year 2024, almost every publicly listed Bitcoin mining facility has reported a growth in their revenue; most recently, Canaan Inc. reported its revenue for the fourth quarter of last year, reporting revenue of up by 80.9% year over year.
The Q4 2024 revenue released by the company is $88.9 million, which was actually expected to be $80 million; with this surge, the revenue from digital asset mining has increased reported 312.5% up to the revenue recorded in 2023.
Despite declining stock prices, market cap, and volume, Canaan Inc. has continued to expand its presence and dominance in the digital asset mining sector.
The 4th Bitcoin helped miners to book a surge in revenue
The fourth Bitcoin halving occurred at the beginning of Q2, 2024, after which the reward for mining each Bitcoin was reduced to 3.125 BTC, which was 6.25 BTC before this; after the event of halving, the reward was reduced by half of the current reward.
With the 4th successful halving, a correction in the prices of Bitcoin was observed, which helped it acquire a resistance above $100k. Yet, the correction was sequential, in which it was between $50k to $68k; afterward, with Donald Trump’s victory, it also succeeded in achieving the all-time high above $109k.
From the beginning of 2024 until the year’s end, the prices of Bitcoin were minutely affected by the bears; however, at the beginning of 2025, the volatility became the worst nightmare as it tumbled to the verge and is currently trading at $87,407, with a loss of roughly 7% in the 30-day time frame.
Despite the above reasons, some other reasons that are claimed to be pushing the price upwards are the growing adoption of crypto, its accessibility, and the growing price, which are luring more and more investors.
Canaan Inc. stock performance
According to data from TradingView, Canaan Inc. stock has faced a loss of 12.59% in the last trading session and is exchanging hands at $0.94, which is down by 28% in the past 30 days.
Despite reporting positive revenue in the last quarter of 2024, Canaan Inc.’s prices remained red; there was speculation that after the release of financial and revenue figures in the last quarter of 2024, the stock might have grown above $1.
Until publishing, the trading price of Canaan Inc. was below all its crucial emas, including 20, 50, 100, and 200-day exponential moving averages. For the year 2025, the stock’s price target is $4.38, which is around 369% greater than the press time trading prices.
At the same time, the company’s market capitalization was $0.33 billion, down by 47% since the beginning of this year; it is worth noting that Canaan Inc. has struggled below $1 billion in market cap.
