Focus on:
Focus on:
The world's first block chain
Canaan is the second largest manufacturer of Bitcoin mining machines in the world. During the same period, the Bitcoin mining machines sold by the company accounted for 21.9% of the total computing power of all Bitcoin mining machines sold globally.
Canaan achieved a total revenue of 2.7 billion yuan in 2018.
Canaan has never been involved in cryptocurrency speculation or any cryptocurrency mining activities.
Since its establishment, Canaan has completed seven tape-outs for 28nm, 16nm and 7nm ASICs, with a success rate of 100%.
On October 29, Beijing time, Canaan officially submitted the prospectus to the US Securities and Exchange Commission (SEC), planning to issue ADSs in the form of listing on Nasdaq, and plans to raise no more than US$400 million. Credit Suisse, Citigroup, China Renaissance and CMB International acted as underwriters.
On the afternoon of October 24, the country conducted the eighteenth collective study on the development status and trends of blockchain technology. The state emphasizes that the integrated application of blockchain technology plays an important role in new technological innovation and industrial transformation. We must take the blockchain as an important breakthrough for independent innovation of core technologies, clarify the main direction of attack, increase investment, focus on overcoming a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation.
This means that blockchain technology has officially become a national industry, and it is also the central government's high emphasis on independent innovation in the entire scientific and technological field.
Since Xinhua News Agency released the news, blockchain concept stocks in capital markets such as U.S. stocks, Hong Kong stocks, and A-shares have been favored by capital.
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The world's second largest producer of bitcoin mining machines, accounting for 21.9% of total computing power
In January 2013, Nangeng Zhang, Chairman and CEO of Canaan, and his team invented and delivered the first batch of cryptocurrency mining machines using ASIC (Application Specific Chip) technology. The company initially invested R&D efforts into ASIC applications for Bitcoin mining, and quickly accumulated experience in ASIC design. These experiences have laid a solid foundation for Canaan in terms of technology and capital, and also prepared it for further research and development involving AI chips.
In the 30 months from the beginning of 2017 to June 30, 2019, Canaan produced a total of more than 130 million ASICs.
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Achieved a total revenue of 2.7 billion yuan in 2018
Canaan’s total revenue increased by 106.8% from RMB 1.3081 billion in 2017 to RMB 2.7053 billion (US$394.1 million) in 2018.
Canaan stated in the prospectus that the price of Bitcoin will directly affect the market demand and price of Bitcoin mining machines. The price of Bitcoin fell sharply in 2018. As of the end of the first quarter of 2019, the price of Bitcoin remained at a relatively low level. However, from the second quarter of 2019, the price of Bitcoin rebounded to a certain extent. The company expects this upward trend to continue. Operating results will improve as the price of Bitcoin recovers in the second quarter of 2019.
The prospectus also mentioned that operating performance has been and will continue to be affected by many factors, which mainly include the following aspects: fluctuations in the price of Bitcoin; development of blockchain technology, especially Bitcoin; Development, especially edge computing; product performance and cost; production capacity; R&D investment; regulatory environment.
At present, Canaan has added AI chip business, developed ASIC for AI applications, and continues to invest in the field of edge computing.
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Never participated in cryptocurrency speculation
In 2017, the price of Bitcoin rose sharply by 1289.0%. As the value of Bitcoin became more and more widely recognized, more funds poured into the market, causing the price of Bitcoin to rise sharply this year. As a result, more and more miners have been seeking more high-performance cryptocurrency mining hardware to compensate for the rapidly increasing mining difficulty.
Canaan mainly focuses on mining chip design and mining machine manufacturing as well as mining machine sales.
Although it has become the world's second largest designer and manufacturer of bitcoin mining machines, Canaan stated in the prospectus that unlike many of its peers, the company has never participated in cryptocurrency speculation or any cryptocurrency mining activities; it has always focused on technology Development, design and research, and committed to the long-term development of the blockchain and AI industry.
Tape-out success rate 100%
In January 2013, Canaan invented and delivered the first batch of cryptocurrency mining machines using ASIC technology. Up to now, the company has completed 7 tape-outs for 28nm, 16nm and 7nm ASICs, with a success rate of 100%. The prospectus shows that in 2017, 2018 and the six months ended June 30, 2019, the company produced a total of more than 130 million ASICs.
Strong mass production capabilities and the ability to realize commercial realization of ASIC designs in blockchain applications have provided Canaan with early advantages in terms of technology and capital reserves. At present, after years of ASIC design and tape-out, Canaan owns most of the intellectual property rights used, and has accumulated valuable expertise and multi-generation process parameters to provide experience accumulation for rapid product iterations in the future.
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Future: Continue to upgrade the performance of Bitcoin mining machines to lead the industry to develop upwards
Looking back on Canaan’s establishment more than 6 years ago, the Bitcoin mining machine business has provided the company with a solid technical and financial foundation, making better preparations for its further research and development of artificial intelligence chips.
According to the prospectus, Canaan stated that it will continue to launch IC solutions in the future, providing higher performance for blockchain and artificial intelligence applications through customized software development and services. The company hopes to become a leader in supercomputing solution providers and promote the development of the blockchain industry. The company will continue to upgrade Bitcoin mining machines by integrating state-of-the-art technologies to improve their performance and competitiveness.
"Our mission is to make supercomputing accessible to all and enable widespread adoption of blockchain and AI technologies to improve lives," the prospectus reads.
