Crypto mining rig manufacturer Canaan Creative posted a net profit of $13 million for Q3 2019, as the mining industry continues its resurgence.
According to a report by Finance Magnates, Canaan registered 94 million yuan ($13 million) in net profit during the third quarter of the year. The numbers were released on Nov. 6 as apart of an update to the firm’s filing in the U.S. for its initial public offering (IPO).
Canaan also reported 670 million yuan ($97 million) in quarterly revenue, up 40% over the same period from the year before. Cryptocurrency mining and rig manufacturers have experienced a resurgence in 2019, as the market continues a steady climb in price throughout the year.
While Canaan failed to launch an IPO in both mainland China and Hong Kong, the company has attempted a filing in the US and is reportedly looking to raise $400 million from the offering. Compared to last year, when the company booked a total net profit of $8.3 million, 2019 has proved to be far more fortuitous.
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