everyone. Hello, Thank of Nangeng, our for call. is Okay. This the Canaan. CEO conference you joining
in Bitcoin price by and James varied at between relatively in are at CFO, halving. with fourth about Singapore results quarter.
The of the the quarterly total Bitcoin the any USD issue end was runs I headquarters this without Bitcoin intense our XX,XXX, closing The Our of XX,XXX halving the significantly. event not slowing aimed marketing but quarter to growth beginning mostly rate company's declining QX at with during you.
The fluctuations, the share low XXXX a the major stable, the eventually USD network hash XX,XXX of remains and USD network
quickly during As tends call, I be halving last mentioned the upward. quiet, the the quarter market but the before earnings recovers to
schedule. proceeded steadily, began on inventory as reduction series planned. AXX large-scale Our products operations and deliveries continued
expand. was continued AXXXX and launched the with product, performance, global sales network new Our to outstanding our
Our mining of operations and the weathering adjusted, were challenges the halving. optimized successfully
significant This saw expectations. growth, quarter, our exceeding sequential our revenue
Kong, series process the per yield from on XXXX efficiency and computing at to is air-cooled to and unit.
The deliver during launched single terahash improvements have capacity in initially the energy more computing continued of current the similar series same power a successfully have we of our progress, the AXX walk different key AXX currently completed. AXX did for product In enabled we ramp-up joules we smoothly the a series, the our more is The the XXX miners, for had we partners, Series. a our May, us in yield Disrupt Mining and rates AXX a increase. now power. foundry areas. of seen R&D, product been in XXX improvements at introduced production smooth computing mass with which improvement levers end AXX approximately the model Conference on in advancing have undergoing expected June, is Miami, nodes Asia through me per than which collaboration Let AXX power Through around Based you from innovation. the production AXX Later XX terahash close capacity liquid-cooled These at few ordered.
In unit Hong ramp-up, we stage. drive production AXXXXI, mass series than the terahash pushing to has Bitcoin achieved
We process the AXX the within for series delivery. weeks, next are propelling to production confident mass few complete into the large-scale above
In integrated the and XX Middle harsh air-cooled East quarter, withstood we system will degrees solutions liquid-cooled closely have provide earlier with The addition, Its specific an our customers been around needs. sources. hot be extremely have temperatures mining to successfully reached working season. deployed their the to tailed Starting this conditions. customized entered has
euro Regarding complete not per series series results AXX practice, our of is What we this machines. the can stage our step announce actual after new from progressing do next test products is development AXX we as the share the that smoothly. at before obtaining
with range. process unit. the boost of poised for will our to the terahash metric aim critical and milestone advanced computing threshold achieved, more and per machine through XXX the plus fabrication the close When machines reach to XX process single wafer the efficiency power terahash partners, be power is joules we utilizing are air-cooled collaboration entire We the advancements nodes into in
slow is somewhat more far Although limit. still its that from is reaching innovation industry, in this a
achieved the sales, an a cleared terahash AXX sequential quarter, million significant by mix was become computing our our second of a the our main led sequential product of which further driven of we primarily to per the XX% X.X power this average we series, making This terms large-scale traditional optimized and At total our of sales QX. of In of inventory in inventory time, end increase growth. to a models, power. price the selling leading delivery XX% AXX computing our has by same
gradually gained Our market million one-stop solutions revenue. mining contributing USD in X.X traction have
also pre-ordered Since over the launched its [indiscernible]. Nano the the has demand QX, with by units product X XX,XXX Avalon launch in heater mining for end protocol strong We seen QX. individual of
of market As and receiving units shipped positive countries today, we over to XX,XXX highly XX have regions worldwide, feedback.
markets. -- company. large our quarter, for This region order a new several big regional progress secured of we model North we made America, key X,XXX listed in of units presale mining AAXXXX markets a Cipher, In
previous a in tenfold other led to from recognized the more. to sequential This deliveries several region. with Additionally, on listed revenue and continue completed increase we orders from successfully mining collaborate companies
a reputation Our solutions the by further gradually that professionalism of gaining support products our one-stop in progress machines will traction. are strong performance, expansion business and durability, North delivery recognized mining the mining customers, and establishing Middle America.
In our our highly East, were
Our solutions resulting resistance orders. stable and Asia, increase fivefold machines QX.
In in with revenue very from superior our sequential in contribute that heat received region deployments, by the quick enable continue customers, partners comprehensive been which to in well have channel South
their resistance this region. humidity effectiveness for in very known models and and traditional heat popular to Our cost remain
the in quarter-over-quarter where cut nearly Further Our explosive of North [indiscernible]. Nano launch customers increase especially been on and of America, in our attractive strong the increased diverse brand Avalon orders and the boosting solid QX.
Demand platform region product has online in million efforts of to recognition overseas, the sales since a users XXX% foundation portfolio, a through store end XX% advances increase X in the XX% by revenue so in by the in our into quarter-over-quarter marketing, orders in QX, individual an registered year. customer growth of for more half XX significantly second USD
to the halving, mining operations challenges revenue of generating USD brought performed only navigating first the represented quarter. the the by an our halving, quarter, despite Bitcoin in X successfully This decrease mining XX% the impact the steadily, million compared
matrix, our hash were optimize continue deployment policy projects while changes. new rate We in to pilot projects that closing advancing impacted by project existing negatively mining
Paraguay. our Kazakhstan from near the operations completion exit also are of in We and
second, hash of As of our in last exceeding operational X.X August X.X call. mentioned earnings per guidance XX, previous exahash our the exahash self-mining rate second reached per has XXXX,
$X.XXX average mining at the our fledged level to XX% we quarter. XX remain previous bitcoins we XXX of including an Bitcoins, at to steady QX, the from electricity X,XXX, Bitcoin successfully similar allowing of first hour, kilowatt In to maintained an quarter. margin mined Additionally, cost holdings, bringing increase total per gross variable a our Bitcoins
and business. will We cost a to enhance continue between to mining advantages our policies, balance strategically strike stability energy
our XXXX quarter for -- we machines earnings more mining our advanced first mining-based closed plan to operations. models call, mining to Our use
operations and mining as would that to in models, and more also -- acquisitions opportunities. hosting strategies. collaborative to we mining participate reaffirm We fixed rate considering these other in like mining mentioned addition actively to such in self-building or corporate approaches, We explore additional
[ the growth rate our outpacing when publicly importance. QX Additionally, operations America and XXXX, globally, hash and end opportunities offers our holds rapid total network North infrastructure XXX%. mining ecosystem. XXX%, evaluating to growth global of and to the of developing America strategy in protections, of XXXX power that have health valuable companies legal end of ] the from hash mining This strong mining Bitcoin calculations rate supply the According we listed North was region concluded
region. strategic plan Given opportunity, announcing this on that America we North we are our focus view to
exahash from exahash XXXX. We by of second in per expect the half current per America to to increase our target mining second XX hash rate North X.XX first
a see positioned opportunities provider mining in solutions, As North we to America. mining are global of uniquely Bitcoin
diversifying allocate plus First, we returns have and the the flexibility machines worldwide, mining inventory mining to investments, risk.
manufacturing with effectively mining can Second, for machine opportunities global supply and mining evaluate success. gain investment reaching from with to match we quickly and optimal short-term size long-term industry mining chains machines comprehensive insights, markets, more
in community. reputation strategic --- our standing the global partnerships our to further establish partners with mining Third, industry enhances and ability
environmental our Canaan. response requiring mining different customers weather to serve for economic potential to projects extreme allow Lastly, or we a scenarios will these conditions, in design power learn showcase around in load capabilities strategies. and time, with At as management hope to world solutions and regions advanced flexible us tailored same the customize the whether about
across fully -- narrowed construction, to are XX% significantly products we by efficiency we clients.
In dimensions, accumulating experience, better quarter-on-quarter. including these our to have year-over-year and serve QX, XX% and reducing operation expenses, operations our expense committed continued our valuable capital, G&A improve By loss aim operating due operations to total optimized We outstanding. make which multiple to
sheet. we stable the reduction quarter-over-quarter comprised USD XX income to XX% the year-over-year it increase led value QX loss almost XX products revenue and from sales QX. the box successful end a inflows balance to by position, in million The contributed of of bringing cash cash strong on of delivery still XX% AXX with a our achieved fair We in the remaining on statement. net at currency Although to USD million in decline end reduction
a safe midstreaming made in we While also secure through supply moves advanced to capacity prepayments. process our strategic cash level, chain
box mining entered third As our being and AXX our of we to quarter machines series delivered revenue. contributing schedule on the XXXX, are
Following the also will The be series, within expect launch AXX year. complete for this work end ramp of mass its up series production the main within of by R&D this AXX quarter. completed -- to we
maintain and we part are mining vertical regard, solutions and the economic developing upgrades in same In Beyond and we the bringing from to by chip more mining to a Bitcoin our the make believe to this meet equipment Bitcoin miners.
We development, and the is now and company and post-halving economic for time, adoption. the it Bitcoin conditions are instability line surrounding force unfold, prices, actual driven vary. product anticipate line continues upcoming operational we benefits At This public market overall global life increasing, is optimistic based may everyday product will global public. expanding in the be we site halving approximately a that present situation which the the the on recognize industry.
Based to to described Bitcoin quarter dynamics general volatility a continue challenges leading revenue consumer-focused completed the bull to market in be deployments XX global of rapidly audience. political above, for current the third the outlook demand on quarter broader and wider bringing for million. the a but XXXX. was USD to results We third the for for of the to forecast cautiously QX,
to significant the centralization accept of Bitcoin. Bitcoin the experience process, the and price public it and fluctuations helps While during also better understand may
I growth.
This our concludes Thank Thank already you, CFO, path to heavily bull of will invest company development over stable of the Our widest quarter this back to we everyone. my in and confident market. now to turn on halving a navigated the continue with prepared we and remain capacity call expansion, you. product James. Bitcoin the remarks. and both sense, the are long-term in the prospects the