Canaco Resources (CAN), Nvidia (NVDA) – Two contrasting Bitcoin stories: How the Crypto Mining Team is increasing Nvidia’s numbers and pushing Canaan’s numbers down

“Overall demand is still very strong and continues to outperform supply, while our canal inventories are still quite meager. We assume that this year demand will continue to exceed supply for a large part of the year, ”said Kress. “We are experiencing broad strength as all of our market platforms match our original prospects,” said Colette Kress, NVIDIA CFO.

On the other side of the coin, Canaan said supply chain disruptions caused by COVID-19 would have impacted sales in the fourth quarter of 2020. The company did not have sufficient inventory to deliver to its customers, “the company said in a statement.

The Hangzhou, China-based company said the year-over-year and quarter-over-quarter declines “were mainly due to the decline in total computing power sold.” Bitcoin (BTC) was up 0.78% to $ 60,323.33 at press time, while Ethereum (ETH) was up 0.54% to $ 2,156.64.

Why It Matters: Canaan announced that Q4 2020 sales rose from 463.2 million RMB ($ 70.72 million) in the prior year to 38.2 million RMB (5.9 million $) and in The previous quarter fell to 163 million RMB (24.9 million USD). “Due to supply chain disruptions when the price of Bitcoin spiked in late 2020, we saw a surge in demand for quality mining equipment both inside and outside of China,” said Tong He, Canaan’s CFO.

Meanwhile, Nvidia announced that while its total revenue in the first quarter of 2022 is not yet complete, it is above the outlook of $ 5.3 billion it had given in its fiscal year-end profit tender. See also: Bitcoin Mining Equipment Company Canaan sued by investor for violating the Securities Act

Read on: Unlike Nvidia, AMD doesn’t mind if you use their gaming GPUs to slash the Ethereum price tag. Action: Nvidia stock closed nearly 5.6% higher at $ 608.36 in the regular session on Monday and fell 0.38% after close of trading. On the same day, Canaan shares fell nearly 30% to $ 13.14 in the regular session and rose 1.14% to $ 13.29 in after-hours trading. In February it was reported that Nvidia raised between $ 100 million and $ 300 million from Ethereum miners in the fourth quarter despite a crisis in the graphics processing unit.

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