7Baggers

Canaan Inc
(NASDAQ:CAN) 

CAN stock logo

Canaan Inc. engages in the research, design, and sale of integrated circuit (IC) final system products by integrating IC products for bitcoin mining and related components primarily in the People's Republic of China. It is also involved in the assembly of system products; and supply chain and distri...

Founded: 2013
IPO Price: $9 (Nov 21, 2019)
Full Time Employees: 333
CEO: N. G. Zhang  
Sector: Technology
Industry: Computer Hardware
BlockchainChinese
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At a glance:
  • Leading ASIC Miner Manufacturer Highly Sensitive to Crypto Market: Canaan designs and produces high-performance Bitcoin mining machines (ASICs), making its revenue and profitability directly tied to Bitcoin price movements, network difficulty, and overall miner demand.
  • Volatile Financials Driven by Bitcoin Price Swings and Production Costs: The company frequently experiences significant swings in revenue, gross margins, and net income, largely due to the cyclical nature of the cryptocurrency market and the high fixed costs associated with manufacturing and R&D.
  • Faces Intense Competition in a Rapidly Evolving Hardware Market: Canaan operates in a highly competitive environment against major players like Bitmain and MicroBT, requiring continuous investment in R&D to develop more efficient and powerful mining hardware to maintain market share.
  • Persistent Challenges in Achieving Consistent Profitability and Positive Free Cash Flow: Despite periods of strong sales during bull markets, Canaan often struggles with sustained profitability and positive free cash flow, impacted by inventory write-downs, pricing pressures, and the capital-intensive nature of its business.
Bull Thesis:
  • Strong Leverage to Bitcoin Price Recovery: As a leading manufacturer of Bitcoin mining ASICs, Canaan's revenue and profitability are highly correlated with the price of Bitcoin. A sustained recovery or surge in Bitcoin's value would directly translate into increased demand for mining hardware and improved financial performance for Canaan.
  • Continuous Innovation and Product Efficiency: Canaan's ability to consistently develop and launch new generations of more energy-efficient and powerful mining machines (e.g., Avalon series) is crucial for maintaining its competitive edge. Superior product performance can drive sales and market share, especially as older, less efficient miners become obsolete.
  • Demand Surge Post-Bitcoin Halving: The Bitcoin halving events typically lead to a shake-out of less efficient miners. This creates a strong demand cycle for newer, more efficient ASICs like those produced by Canaan, as miners seek to upgrade their fleets to remain profitable in a reduced block reward environment.
  • Potential for Market Share Expansion: In a competitive landscape dominated by a few key players, Canaan has the opportunity to gain market share through aggressive pricing, superior product delivery, or strategic partnerships. Any significant shift in market dynamics could benefit Canaan at the expense of its rivals.
Bear Thesis:
  • Extreme Sensitivity to Bitcoin Price Declines: Canaan's financial performance is highly leveraged to the price of Bitcoin. A significant or prolonged downturn in Bitcoin's value would drastically reduce demand for mining hardware, leading to lower sales, potential inventory write-downs, and severe pressure on profitability.
  • Intense Competition and Pricing Pressure: The ASIC manufacturing market is highly competitive, dominated by a few major players like Bitmain and MicroBT. This intense competition can lead to pricing wars, reduced profit margins, and the need for continuous, costly R&D to stay ahead, potentially eroding Canaan's market position.
  • Persistent Negative Free Cash Flow and Profitability Challenges: Canaan has historically struggled with consistent profitability and often reports negative free cash flow. This indicates that the company may not be generating enough cash from its operations to cover its expenses and investments, potentially leading to future liquidity concerns or the need for dilutive capital raises.
  • Supply Chain Dependencies and Geopolitical Risks: As an ASIC manufacturer, Canaan relies heavily on third-party foundries (e.g., TSMC, Samsung) for chip production. Any disruptions in the global supply chain, geopolitical tensions affecting chip manufacturing regions, or increased competition for foundry capacity could severely impact Canaan's production capabilities and delivery schedules.
  • High Inventory Risk in Cyclical Market: The highly cyclical nature of the crypto mining industry means that Canaan faces significant inventory risk. During market downturns, unsold inventory of mining machines can quickly become obsolete or require substantial price reductions, leading to write-downs and impacting gross margins.
Main Competitors:
  • Bitmain Technologies Ltd. (Antminer series (e.g., S19, S21)), The undisputed market leader in ASIC Bitcoin miners, competing directly with Canaan on hash rate efficiency, power consumption, and scale of production. Bitmain often sets industry benchmarks and has a strong R&D focus, leveraging its dominant position in the supply chain.
  • Shenzhen MicroBT Electronics Technology Co., Ltd. (Whatsminer series (e.g., M30S, M50S, M60S)), A strong challenger to Bitmain and Canaan, known for its robust Whatsminer series. MicroBT competes on competitive pricing, often good power efficiency, and reliable hardware design, having gained significant market share by offering a strong alternative to the market leaders.
  • Ebang International Holdings Inc. ($EBON) (Ebit series miners), A publicly traded company that designs and manufactures ASIC miners, similar to Canaan. Ebang competes by offering its own line of miners, though generally holds a smaller market share compared to Bitmain and MicroBT. It also has interests in blockchain and cryptocurrency exchange services.
  • Innosilicon Technology Ltd. (T-Rex, Terminator series (e.g., T3+, T4)), A smaller but established player in the ASIC miner market. Innosilicon competes by producing miners for various cryptocurrencies (not exclusively Bitcoin) and focuses on chip design and high-performance computing, often targeting specific performance metrics or niche markets.
Moat:
The cryptocurrency mining hardware market, particularly for Bitcoin ASICs, is highly competitive and dominated by a few key players. Canaan Inc. (with its Avalon series) competes primarily with Bitmain (Antminer) and MicroBT (Whatsminer) for market share, efficiency, and technological leadership. Competition revolves around delivering the highest hash rate per watt of power consumption, competitive pricing, reliability, and the ability to secure crucial supply chain components (like advanced semiconductor chips). The primary 'moat' in this industry is built on deep R&D and chip design expertise, massive manufacturing scale, strong relationships with semiconductor foundries, and brand recognition built on consistent performance and reliability. All players, including Canaan, face challenges from volatile cryptocurrency prices, supply chain disruptions, and the relentless pace of technological advancement required to stay competitive.
Income Statements:
Quarterly
Annual
    Unit: USD2025-11-18 2025-09-05 2025-08-14 2025-05-20 2025-03-26 2024-12-31 2024-12-09 2024-11-20 2024-09-03 2024-08-15 2024-05-17 2024-02-27 2023-12-31 2023-11-28 2023-08-29 2023-05-26 2023-04-19 2023-03-07 2022-12-31 2022-11-25 2022-11-14 2022-08-18 2022-05-19 2022-03-03 2021-12-31 2021-11-16 2021-09-15 2021-06-01 2021-04-12 2020-12-31 2020-11-30 2020-08-31 2020-05-22 2020-04-09 2019-12-31 
                                       
      revenues
    		                      1,356,113,000             
      products revenue
    		71,923,000  58,322,000 58,322,000 64,584,000   61,751,000  23,446,000 23,446,000 29,937,000  57,940,000 44,114,000 44,114,000 319,558,000 319,558,000 319,558,000 3,840,005,000    2,168,953,000  1,311,992,000 396,562,000 396,562,000 159,727,000  162,925,000 67,032,000 67,032,000 448,289,000  
      mining revenue
    		28,072,000  24,254,000 24,254,000 8,959,000   9,308,000  10,460,000 10,460,000 3,264,000  15,896,000 11,089,000 11,089,000 72,150,000 72,150,000 72,150,000 146,489,000 52,096,000 32,375,000              
      other revenues
    		214,000  200,000 200,000 65,000   799,000  1,185,000 1,185,000 118,000  17,000 29,000 29,000 218,000 218,000 218,000 487,000    238,000   66,000 66,000 303,000     1,814,000  
      total revenues
    		100,209,000  82,776,000 82,776,000 73,608,000   71,858,000  35,091,000 35,091,000 33,319,000  73,853,000 55,232,000 55,232,000 391,926,000 391,926,000 391,926,000 3,986,981,000 1,652,661,000 1,356,113,000              
      yoy
    		36.14%   15.19%    115.67%  -52.49% -36.47% -39.67%  -81.16% -85.91% -98.61% -76.29% -71.10%                  
      qoq
    		  0.00% 12.46%      0.00% 5.32%   33.71% 0.00% -85.91% 0.00% 0.00% -90.17% 141.25% 21.87%               
      cost of revenues
    		80 156,000 76 76 53 143,000 169,000 59,000 116,000 57,000 57,000 -102,409,000  -143,928,000 -102,778,000 -102,778,000 -822,979,000 -622,831,000 -822,978,000 -2,008,129,000 -722,938,000 -526,319,000 -526,319,000 -697,606,000  -575,925,000 -208,556,000 -208,556,000 -180,033,000     -1,136,676,000  
      product cost
    		-58,759,000  -59,190,000 -59,190,000    -79,661,000  -59,757,000 -59,757,000                         
      mining cost
    		-31,995,000  -22,940,000 -22,940,000 -13,476,000   -11,037,000  -12,152,000 -12,152,000                         
      other cost
    		-149,000    -18,000   -290,000  -509,000 -509,000                         
      total cost of revenues
    		-90,903,000  -82,130,000 -82,130,000 -95,119,000   -90,988,000  -72,418,000 -72,418,000                         
      gross profit
    		9,306,000  646,000 646,000          -70,075,000 -47,546,000 -47,546,000 -431,053,000 -230,905,000 -431,052,000 1,978,852,000 929,723,000 829,794,000 829,794,000 1,486,949,000  741,691,000 194,218,000 194,218,000 -16,992,000  43,277,000 2,388,000 2,388,000 -673,429,000  
      yoy
    		             -69.65% -88.97% -102.40% -146.36% -127.83% -151.95% 33.08%  11.88% 327.25% 665.61%   348.78% 8033.08% -811.56%       
      qoq
    		  0.00%           47.38% 0.00% -88.97% 86.68% -46.43% -121.78% 112.84% 12.04% 0.00% -44.19%   281.89% 0.00% -1243.00%   1712.27% 0.00% -100.35%   
      gross margin %
    		9.29% NaN% 0.78% 0.78% 0% NaN% NaN% 0% NaN% 0% 0% 0% NaN% -94.88% -86.08% -86.08% -109.98% -58.92% -109.98% 49.63% 56.26% 61.19% Infinity% Infinity% NaN% Infinity% Infinity% Infinity% -Infinity% NaN% Infinity% Infinity% Infinity% -Infinity%  
      operating expenses:
    		                                   
      research and development expenses
    		-16,406,000 3,133,000 -18,947,000 -18,947,000 -14,761,000 -66,772,000 5,449,000 -14,648,000 3,567,000 -15,342,000 -15,342,000 -17,152,000  -17,857,000 -19,058,000 -19,058,000 -223,479,000 -223,479,000 -223,478,000 -323,164,000 -103,924,000 -101,155,000 -101,155,000 -112,017,000  -92,763,000 -58,161,000 -58,161,000 -32,117,000  132 -41,794,000 -41,794,000 -63,609,000  
      sales and marketing expenses
    		-4,472,000 112,000 -2,936,000 -2,936,000 -1,719,000 -5,819,000 111,000 -1,578,000 56,000 -1,073,000 -1,073,000 -2,491,000  -2,437,000 -1,485,000 -1,485,000 -7,629,000 -7,629,000 -7,629,000 -55,337,000 -21,122,000 -19,966,000 -19,966,000 -30,712,000  -37,597,000 -6,298,000 -6,298,000 -3,181,000  11 11 11 -7,684,000  
      general and administrative expenses
    		-16,361,000 9,986,000 -16,908,000 -16,908,000 -13,206,000 -87,081,000 15,390,000 -10,445,000 10,697,000 -14,304,000 -14,304,000 -16,223,000  -26,369,000 -17,577,000 -17,577,000 -162,375,000 -162,375,000 -162,375,000 -418,148,000 -145,419,000 -130,039,000 -130,407,000 -130,995,000  -148,053,000 -143,426,000 -143,426,000 -40,561,000  600 -27,589,000 -27,589,000 -56,446,000  
      impairment on property and equipment
    		    -6,462,000       -5,691,000                        
      gain on disposal of property, equipment and software
    		863,000  516,000 516,000 815,000                               
      total operating expenses
    		-36,376,000  -38,275,000 -38,275,000 -35,333,000   -27,469,000  -30,719,000 -30,719,000 -43,756,000  -49,026,000 -38,120,000 -38,120,000 -404,759,000 -393,483,000 -446,441,000 -796,649,000 -270,465,000 -251,160,000 -251,528,000 -273,724,000  -278,413,000 -207,885,000 -207,885,000 -75,859,000   -73,515,000 -73,515,000 -127,739,000  
      income from operations
    		-27,070,000  -37,629,000 -37,629,000 -56,844,000   -46,599,000  -68,046,000 -68,046,000 -112,846,000  -119,101,000 -85,666,000 -85,666,000 -835,812,000 -624,388,000 -877,493,000 1,182,203,000 659,258,000 578,634,000 578,266,000 1,213,225,000  463,278,000 -13,667,000 -13,667,000 -92,851,000   -71,127,000    
      yoy
    		-52.38%   -19.25%    -58.71%  -42.87% -20.57% 31.73%  -80.93% -90.24% -107.25% -226.78% -207.91% -251.75% -2.56%  24.90% -4331.11% -8977.04%    -80.79%        
      qoq
    		  0.00% -33.80%      0.00% -39.70%   39.03% 0.00% -89.75% 33.86% -28.84% -174.23% 79.32% 13.93% 0.06% -52.34%   -3489.76% 0.00% -85.28%        
      operating margin %
    		-27.01% NaN% -45.46% -45.46% -77.23% NaN% NaN% -64.85% NaN% -193.91% -193.91% -338.68% NaN% -161.27% -155.10% -155.10% -213.26% -159.31% -223.89% 29.65% 39.89% 42.67% Infinity% Infinity% NaN% Infinity% -Infinity% -Infinity% -Infinity% NaN% NaN% -Infinity% NaN% NaN%  
      interest income
    		76,000  57,000 57,000 158,000   66,000  205,000 205,000 61,000  226,000 440,000 440,000 7,670,000 7,670,000 7,670,000 8,268,000 2,076,000 3,244,000 3,244,000 1,986,000  2,917,000 430,000 430,000 283,000  873,000 1,824,000 1,824,000 1,793,000  
      interest expense
    		-385,000  -351,000 -351,000 -247,000   -14,000                246,000   -231,000 -231,000    -1,185,000    
      change in fair value of cryptocurrency
    		10,576,000  -2,264,000 -2,264,000 -1,672,000   -5,125,000  33,583,000 33,583,000                         
      change in fair value of financial instruments other than derivatives
    		-17,485,000  -4,392,000 -4,392,000                                
      change in fair value of financial derivatives
    		23,440,000  -14,055,000 -14,055,000                                
      excess of fair value of convertible preferred shares
    		  -28,179,000 -28,179,000 -28,297,000                               
      foreign exchange gains
    		338,000  835,000 835,000 -1,036,000   11,364,000  -1,843,000 -1,843,000 10,890,000  2,574,000 -2,559,000 -2,559,000 26,583,000 26,583,000 26,583,000 216,374,000 114,264,000 913,000 913,000 4,190,000  1,248,000 13,008,000 13,008,000 2,066,000     -1,392,000  
      other income
    		225,000  252,000 252,000 206,000   -3,257,000  -4,454,000 -4,454,000 1,349,000  176,000 1,078,000 1,078,000 14,037,000 14,037,000 14,037,000 8,119,000 5,976,000 423,000 423,000    1,489,000 1,489,000 2,942,000     2,867,000  
      loss before income tax expenses
    		-10,285,000  -85,726,000 -85,726,000 -82,287,000   -43,790,000  -38,591,000 -38,591,000 -100,546,000                 -86,382,000   -39,946,000    
      income tax benefit
    		-773,000  -705,000  6,710,000   1,910,000  -802,000 -802,000 20,443,000  5,456,000 2,341,000 2,341,000 177,302,000 149,042,000   -167,677,000               
      net income
    		-11,058,000 -97,489,000 -86,431,000 -86,431,000 -75,577,000 -92,902,000 -156,850,000 -41,880,000 -81,273,000 -39,393,000 -39,393,000 -80,103,000  -110,669,000 -84,366,000 -84,366,000 -610,220,000 -438,332,000 -610,218,000 1,096,575,000 608,914,000 441,602,000 441,602,000 1,196,529,000  467,232,000 1,204,000 1,204,000 -86,406,000   -39,946,000 -39,946,000 -798,211,000  
      yoy
    		-85.37% 4.94% -44.90% 106.38% -7.01% 135.83% 298.17% -47.72%  -64.40% -53.31% -5.05%  -74.75% -86.17% -107.69% -200.21% -199.26% -238.18% -8.35%  -5.49% 36577.91% 99279.49%    -103.01% 116.31%       
      qoq
    		-88.66% 12.79% 0.00% 14.36% -18.65% -40.77% 274.52% -48.47% 106.31% 0.00% -50.82%   31.18% 0.00% -86.17% 39.21% -28.17% -155.65% 80.09% 37.89% 0.00% -63.09%   38706.64% 0.00% -101.39%    0.00% -95.00%   
      net income margin %
    		-11.03% -Infinity% -104.42% -104.42% -102.67% -Infinity% -Infinity% -58.28% -Infinity% -112.26% -112.26% -240.41% NaN% -149.85% -152.75% -152.75% -155.70% -111.84% -155.70% 27.50% 36.84% 32.56% Infinity% Infinity% NaN% Infinity% Infinity% Infinity% -Infinity% NaN% NaN% -Infinity% -Infinity% -Infinity%  
      foreign currency translation adjustment, net of nil tax
    		1,376,000 319,000 -1,057,000 -1,057,000 5,129,000 -9,720,000 -3,857,000 -3,999,000 -8,986,000 -4,987,000 -4,987,000 7,662,000  -23,518,000 9,158,000 9,158,000 -47,226,000 -47,226,000 -47,226,000 144,307,000 55,089,000 -4,789,000 -4,789,000 -19,930,000  5,118,000 2,357,000 2,357,000 -15,402,000   6,483,000 6,483,000 -3,272,000  
      total comprehensive loss
    		-9,682,000 -97,170,000 -87,488,000 -87,488,000 -70,448,000 -40,176,750 -160,707,000 -45,879,000 -90,259,000 -44,380,000 -44,380,000 -72,441,000  -134,187,000               -101,808,000   -33,463,000 -33,463,000   
      weighted-average number of shares used in per share calculation:
    		                                   
      — basic
    		5,994,860,758 5,385,963,052,000 4,817,919,054 4,817,919,054 4,163,053,834 71,633,967,000 4,000,752,859,000 4,117,791,601,000 3,918,710,608,000 3,719,629,615,000 3,719,629,615,000 2,562,542,847  2,547,999,846 2,502,558,388 2,502,558,388 2,515,312,493 2,515,283,126 -15,095,384,000 2,575,201,787,000 2,584,644,729,000 2,580,294,054,000 2,580,294,054,000 2,602,142,223  2,615,416,505 2,349,277,761 2,349,277,761   2,350,123,270   2,240,601,754  
      — diluted
    		5,994,860,758 5,385,963,052,000 4,817,919,054 4,817,919,054 4,163,053,834 71,633,967,000 4,000,752,859,000 4,117,791,601,000 3,918,710,608,000 3,719,629,615,000 3,719,629,615,000 2,562,542,847  2,547,999,846 2,502,558,388 2,502,558,388 2,515,312,493 2,515,283,126 -1,781,227,000 2,579,673,296,000 2,585,684,866,000 2,582,735,151,000 2,582,735,151,000 2,635,116,905  2,652,280,752 2,423,489,527 2,423,489,527   2,350,123,270   2,240,601,754  
      net income per share
    		                                   
      share-based compensation expenses were included in:
    		                                   
      weighted-average number of shares used in per class a and class b ordinary share calculation:
    		                                   
      net loss per class a and class b ordinary share
    		                                   
      impairment on property, equipment and software
    		       -798,000                            
      income tax expense
    		   -705,000               177,302,000 -301,304,000  -140,799,000 -140,799,000 -49,758,000  -4,000 -9,000 -9,000 -24,000       
      products cost
    		    -81,625,000                               
      gross loss
    		    -21,511,000   -19,130,000  -37,327,000 -37,327,000 -69,090,000                        
      impairment on cryptocurrency
    		           -2,199,000  -2,363,000   -11,276,000 -11,276,000 -11,276,000 -41,683,000 -30,025,000 -368,000              
      change in fair value of financial derivative
    		    4,202,000                               
      change in fair value of financial instruments
    		    1,243,000      2,340,000                         
      change in fair value of financial instrument
    		       -225,000  2,340,000                          
      excess of fair value of series a convertible preferred shares
    		         -376,000 -376,000                         
      income before income tax expenses
    		             -116,125,000 -86,707,000 -86,707,000 -787,522,000 -587,374,000   776,591,000 582,401,000 582,401,000 1,246,287,000  467,236,000 1,213,000 1,213,000     -39,946,000 -798,211,000  
      net earnings per share
    		                                   
      change in fair value of warrant liability
    		                   24,598,000 25,042,000 -445,000 -445,000 22,148,000            
      total comprehensive income
    		              -75,208,000 -75,208,000 -657,446,000 -485,558,000 -657,444,000 1,240,882,000 664,003,000 436,813,000 436,813,000 1,176,599,000  472,350,000 3,561,000 3,561,000      -801,483,000  
      net earnings
    		                                   
      net earnings/
    		                                   
      leases revenue
    		                          5,922,000 5,922,000 2,860,000  15,109,000 994,000 994,000 11,267,000  
      service revenue
    		                          224,000 224,000 151,000     1,877,000  
      income before income tax expense
    		                  -787,520,000 1,397,879,000                
      net earnings per class a and class b ordinary share
    		                                   
      product revenue
    		                    1,600,420,000 1,323,593,000              
      others
    		                    145,000 145,000         831,000 29,239,000 29,239,000   
      investment income
    		                          184,000 184,000 1,963,000  1,923,000 1,063,000 1,063,000 179,000  
      net revenues
    		                                   
      mining income
    		                       15,364,000  5,624,000          
      total net revenues
    		                       2,184,555,000  1,317,616,000 402,774,000 402,774,000 163,041,000     463,247,000  
      other income/(expenses)
    		                       4,492,000  -207,000          
      net
    		                                   
      interest expense and guarantee fee
    		                            -785,000    -1,185,000 -1,395,000  
      value added tax refunds
    		                                 905,000  
      — basic and diluted
    		                            2,350,115,118   2,350,123,270 2,350,123,270   
      services revenue
    		                              57,000 24,000 24,000   
      other revenue
    		                              35,000 223,000 223,000   
      total net revenue
    		                              178,126,000 68,273,000 68,273,000   
      cost of revenue
    		                               -65,885,000 -65,885,000   
      operating expense
    		                                   
      selling and marketing expenses
    		                               -4,132,000 -4,132,000   
      foreign exchange gain
    		                              80,000 240,000 240,000   
    Balance Sheets:
    Quarterly
    Annual
      Unit: USD2025-09-30 2025-06-30 2025-03-31 2024-12-31 2024-09-30 2024-06-30 2024-03-31 2023-12-31 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30 2022-06-30 2022-05-19 2022-03-31 2022-03-03 2021-12-31 2021-11-16 2021-09-30 2021-09-15 2021-06-30 2021-06-01 2021-04-12 2021-03-31 2020-12-31 2020-11-30 2020-09-30 2020-08-31 2020-06-30 2020-05-22 2020-04-09 2020-03-31 2019-12-31 
                                        
        assets
      		                                  
        current assets:
      		                                  
        cash
      		119,208,000 65,904,000 96,773,000 96,488,000 71,782,000 66,788,000 54,739,000 96,154,000    707,261,000                       
        accounts receivable
      		7,015,000 3,924,000 1,679,000 1,514,000 1,375,000 8,159,000 1,636,000 2,997,000 9,778,000 10,098,000     1,000 1,000 367,000 367,000 826,000 826,000 372,000 372,000 7,038,000 7,128,000 7,038,000 7,128,000 348,000 348,000 10,160,000 10,160,000 6,792,000 2,872,000 6,792,000 2,872,000 
        inventories
      		201,743,000 107,952,000 113,863,000 94,620,000 87,802,000 131,297,000 99,152,000 142,287,000 217,128,000 272,139,000 310,456,000 1,473,990,000 1,328,875,000 1,626,240,000 1,193,304,000 1,193,304,000 812,363,000 812,363,000 833,209,000 833,209,000 587,112,000 587,112,000 376,107,000 225,522,000 376,107,000 225,522,000 53,284,000 53,284,000 88,115,000 88,115,000 226,622,000 196,067,000 226,622,000 196,067,000 
        prepayments and other current assets
      		76,259,000 167,862,000 161,912,000 90,874,000 138,273,000 129,748,000 165,435,000 122,242,000 81,743,000 83,448,000 138,329,000 1,689,079,000 1,693,175,000 1,420,322,000 1,890,192,000 1,890,192,000 1,729,027,000 1,729,027,000 1,309,719,000 1,309,719,000 1,419,606,000 1,419,606,000 593,938,000 316,366,000 593,938,000 316,366,000 246,319,000 246,319,000 175,347,000 175,347,000 253,365,000 206,020,000 253,365,000 206,020,000 
        cryptocurrency receivable, current
      		113,136,000 75,353,000 60,927,000 50,525,000 8,261,000                              
        total current assets
      		517,361,000 420,995,000 435,154,000 334,021,000 307,493,000 335,992,000 320,962,000 363,680,000 349,223,000 431,823,000 520,757,000 3,870,330,000 5,024,706,000 5,687,249,000 5,774,092,000 5,774,092,000 5,273,461,000 5,273,461,000 3,842,344,000 3,842,344,000 3,227,452,000 3,227,452,000 2,324,238,000 1,007,206,000 2,324,238,000 1,007,206,000 686,363,000 686,363,000 783,301,000 783,301,000 931,751,000 940,810,000 931,751,000 940,810,000 
        non-current assets:
      		                                  
        cryptocurrency
      		84,587,000 61,845,000 39,967,000 61,821,000 32,632,000 37,198,000 90,162,000 28,342,000 30,453,000 28,765,000 13,394,000 87,273,000 74,092,000 51,340,000 45,256,000 45,256,000  20,310,000                 
        cryptocurrency receivable, non-current
      		 32,282,000 25,030,000 19,057,000 38,127,000                              
        property, equipment and software
      		60,457,000 69,040,000 40,979,000 40,163,000 40,153,000 42,267,000 47,076,000 29,466,000 34,002,000 50,485,000 68,728,000 597,988,000 290,650,000 327,029,000 313,022,000 313,022,000 185,566,000 185,566,000 31,088,000 31,088,000 16,147,000 16,147,000 10,461,000 12,193,000 10,461,000 12,193,000 14,602,000 14,602,000 17,330,000 17,330,000 20,497,000 22,602,000 20,497,000 22,602,000 
        intangible asset
      		742,000 795,000 848,000  954,000 1,007,000 1,060,000                            
        operating lease right-of-use assets
      		3,260,000 3,648,000 3,014,000 3,495,000 3,363,000 3,719,000 4,217,000 1,690,000                           
        deferred tax assets
      		298,000 296,000 295,000 295,000 76,088,000 69,417,000 67,334,000 66,809,000 43,959,000 19,959,000 21,543,000 151,410,000 71,394,000 50,685,000 66,750,000 66,750,000 99,044,000 99,044,000                 
        other non-current assets
      		483,000 480,000 17,481,000 476,000 472,000 482,000 485,000 486,000 1,396,000 1,753,000 2,699,000 17,437,000 35,504,000 28,262,000 3,840,000 3,840,000 2,956,000 2,956,000 2,673,000 2,673,000 3,617,000 3,617,000 2,530,000 2,530,000 2,530,000 2,530,000 2,520,000 2,520,000 2,230,000 2,230,000 2,230,000 5,250,000 2,230,000 5,250,000 
        non-current financial investment
      		2,815,000 2,794,000 2,786,000 2,782,000 2,854,000 2,806,000 2,819,000 2,824,000 2,786,000 2,768,000 2,910,000 20,000,000 20,000,000 20,000,000 20,000,000 20,000,000  20,000,000     25,000  25,000 25,000         
        total non-current assets
      		152,642,000 171,180,000 130,400,000 128,990,000 194,643,000 189,551,000 213,153,000 129,617,000 114,896,000 106,626,000 112,943,000 903,708,000 526,899,000 507,488,000 476,420,000 476,420,000 358,796,000 358,796,000 86,064,000 86,064,000 50,187,000 50,187,000 37,333,000 29,170,000 37,333,000 29,170,000 38,441,000 38,441,000 125,553,000 125,553,000 42,411,000 50,616,000 42,411,000 50,616,000 
        total assets
      		670,003,000 592,175,000 565,554,000 463,011,000 502,136,000 525,543,000 534,115,000 493,297,000 464,119,000 538,449,000 633,700,000 4,774,038,000 5,551,605,000 6,194,737,000 6,250,512,000 6,250,512,000 5,632,257,000 5,632,257,000 3,928,408,000 3,928,408,000 3,277,639,000 3,277,639,000 2,361,571,000 1,036,376,000 2,361,571,000 1,036,376,000 724,804,000 724,804,000 908,854,000 908,854,000 974,162,000 991,426,000 974,162,000 991,426,000 
        liabilities, and shareholders’ equity
      		                                  
        current liabilities
      		                                  
        current portion of long-term loans
      		44,701,000 23,965,000 23,959,000 16,658,000                               
        accounts payable
      		33,669,000 29,958,000 15,724,000 13,975,000 16,735,000 29,936,000 16,698,000 6,245,000 19,223,000 27,335,000 26,947,000 116,333,000 32,664,000 96,991,000 101,175,000 101,175,000 143,441,000 143,441,000 120,448,000 120,448,000 107,790,000 107,790,000 45,208,000 37,407,000 45,208,000 37,407,000 10,555,000 10,555,000 16,158,000 16,158,000 65,805,000 99,050,000 65,805,000 99,050,000 
        contract liabilities
      		86,907,000 5,973,000 17,515,000 24,248,000 16,238,000 50,585,000 38,863,000 19,614,000 5,634,000 8,318,000 8,251,000 4,613,000 299,462,000 1,017,468,000 1,769,897,000 1,769,897,000 1,340,731,000 1,340,731,000 1,026,734,000 1,026,734,000 1,040,551,000 1,040,551,000 1,210,618,000 430,388,000 1,210,618,000 430,388,000 75,612,000 75,612,000 1,078,000 1,078,000 10,888,000 8,288,000 10,888,000 8,288,000 
        income tax payable
      		11,170,000 10,831,000 10,743,000 10,932,000 3,535,000 3,524,000 3,512,000 3,534,000 3,524,000 3,533,000 7,323,000 50,340,000 110,289,000 184,637,000 151,651,000 151,651,000 148,719,000 148,719,000                 
        accrued liabilities and other current liabilities
      		55,490,000 47,737,000 36,702,000 43,406,000 36,178,000 29,738,000 42,719,000 64,240,000 60,958,000 69,008,000 38,107,000 336,705,000 185,358,000 161,726,000 157,382,000 157,382,000 437,394,000 437,394,000 286,171,000 286,171,000 180,189,000 180,189,000 476,440,000 63,343,000 476,440,000 63,343,000 23,213,000 23,213,000 24,139,000 24,139,000 18,403,000 40,691,000 18,403,000 40,691,000 
        operating lease liabilities, current
      		1,674,000 1,828,000 1,420,000 1,237,000 1,407,000 1,530,000 1,609,000 1,216,000                           
        convertible preferred shares
      		45,351,000 116,654,000 183,805,000 68,113,000                               
        total current liabilities
      		278,962,000 236,946,000 289,868,000 178,569,000 151,197,000 116,827,000 110,517,000 135,193,000 90,892,000 110,095,000 82,987,000 524,109,000 646,439,000 1,476,055,000 2,194,818,000 2,194,818,000 2,085,104,000 2,085,104,000 1,446,874,000 1,446,874,000 1,346,641,000 1,346,641,000 1,775,212,000 592,476,000 1,775,212,000 592,476,000 166,196,000 166,196,000 246,508,000 246,508,000 291,947,000 285,232,000 291,947,000 285,232,000 
        non-current liabilities:
      		                                  
        long-term loans
      		 20,750,000 20,738,000 7,279,000 23,963,000 19,172,000                             
        operating lease liabilities, non-current
      		1,284,000 1,648,000 1,098,000 1,701,000    210,000                           
        deferred tax liability
      		126,000  144,000 153,000 162,000 171,000 180,000                            
        other non-current liabilities
      		9,728,000 9,093,000 9,068,000 9,055,000 9,372,000 9,362,000 9,547,000 9,707,000 9,428,000 1,701,000 1,895,000 4,163,000 4,809,000 5,080,000 5,305,000 5,305,000 5,824,000 5,824,000 6,440,000 6,440,000 6,929,000 6,929,000 7,567,000 8,020,000 7,567,000 8,020,000 8,913,000 8,913,000 9,826,000 9,826,000 10,394,000  10,394,000  
        total liabilities
      		290,100,000 268,572,000 320,916,000 196,757,000 186,330,000 147,343,000 122,380,000 145,110,000 100,682,000 112,310,000 85,577,000 538,311,000 665,176,000 1,492,948,000 2,279,951,000 2,279,951,000 2,173,567,000 2,173,567,000 1,465,595,000 1,465,595,000 1,420,669,000 1,420,669,000 1,783,476,000 603,818,000 1,783,476,000 603,818,000 181,355,000 181,355,000 263,914,000 263,914,000 313,099,000 298,631,000 313,099,000 298,631,000 
        shareholders’ equity:
      		                                  
        ordinary shares
      		            1,000 1,000 1,000 1,000 1,000  1,000 1,000 1,000 1,000 1,000 1,000 1,000  1,000 1,000 1,000 1,000 1,000 1,000 1,000  
        treasury stock
      		-38,850,000 -42,646,000 -57,055,000  -57,055,000 -57,055,000 -57,055,000  -57,055,000 -57,055,000 -57,055,000  -305,752,000 -230,081,000 -193,029,000 -193,029,000 -231,281,000  -65,474,000 -65,474,000 -23,915,000 -23,915,000 -23,915,000 -23,915,000 -23,915,000  -1,320,000 -1,320,000       
        additional paid-in capital
      		1,037,369,000 956,473,000 882,235,000  763,293,000 755,239,000 742,895,000  529,827,000 520,088,000 507,884,000  3,201,983,000 3,096,760,000 2,992,482,000 2,992,482,000 2,889,980,000  3,073,476,000 3,073,476,000 2,820,748,000 2,820,748,000 1,776,595,000 1,634,619,000 1,776,595,000  1,635,719,000 1,635,719,000 1,634,083,000 1,634,083,000 1,633,340,000 1,631,609,000 1,633,340,000  
        statutory reserves
      		14,892,000 14,892,000 14,892,000  14,892,000 14,892,000 14,892,000  14,892,000 14,892,000 14,892,000  97,420,000 97,420,000 97,420,000 97,420,000 97,420,000  97,307,000 97,307,000 97,307,000 97,307,000 97,307,000 97,307,000 97,307,000  97,307,000 97,307,000 97,307,000 97,307,000 97,307,000 97,307,000 97,307,000  
        accumulated other comprehensive loss
      		-57,786,000 -57,137,000 -58,513,000  -47,736,000 -52,865,000 -48,866,000  -43,611,000 -51,273,000 -27,756,000   -51,626,000 -106,715,000 -106,715,000 -101,925,000  -82,546,000 -82,546,000 -87,664,000 -87,664,000 -77,423,000 -79,780,000 -77,423,000  -64,541,000 -64,541,000 -49,140,000 -49,140,000 -49,059,000 -55,542,000 -49,059,000  
        accumulated deficit
      		-575,722,000 -547,979,000 -536,921,000  -357,588,000 -282,011,000 -240,131,000            -559,950,000 -559,950,000 -949,506,000 -949,506,000 -1,194,469,000 -1,195,673,000 -1,194,469,000  -1,123,716,000 -1,123,716,000 -1,037,310,000 -1,037,310,000 -1,020,525,000  -1,020,525,000  
        total shareholders’ equity
      		379,903,000 323,603,000 244,638,000  315,806,000 378,200,000 411,735,000  363,437,000 426,139,000 548,123,000  4,886,429,000 4,701,789,000 3,970,561,000 3,970,561,000 3,458,690,000  2,462,813,000 2,462,813,000 1,856,970,000 1,856,970,000 578,095,000 432,558,000 578,095,000  543,449,000 543,449,000 644,940,000 644,940,000 661,063,000 692,795,000 661,063,000  
        total liabilities and shareholders’ equity
      		670,003,000 592,175,000 565,554,000  502,136,000 525,543,000 534,115,000  464,119,000 538,449,000 633,700,000  5,551,605,000 6,194,737,000 6,250,512,000 6,250,512,000 5,632,257,000  3,928,408,000 3,928,408,000 3,277,639,000 3,277,639,000 2,361,571,000 1,036,376,000 2,361,571,000  724,804,000 724,804,000 908,854,000 908,854,000 974,162,000 991,426,000 974,162,000  
        revenues
      		                                  
        products revenue
      		71,923,000    61,751,000 23,446,000 44,907,000  57,940,000 44,114,000 47,546,000                        
        mining revenue
      		28,072,000    9,308,000 10,460,000 3,708,000  15,896,000 11,089,000 10,735,000   32,375,000                     
        other revenues
      		214,000    799,000 1,185,000 458,000  17,000 29,000 33,000                        
        total revenues
      		100,209,000    71,858,000 35,091,000 49,073,000  73,853,000 55,232,000 58,314,000   1,356,113,000                     
        cost of revenues
      		80,000    59,000 57,000 14,000  -143,928,000 -102,778,000 -122,454,000   -526,319,000                     
        product cost
      		-58,759,000    -79,661,000 -59,757,000 -95,764,000                            
        mining cost
      		-31,995,000    -11,037,000 -12,152,000 -6,001,000                            
        other cost
      		-149,000    -290,000 -509,000 -1,377,000                            
        total cost of revenues
      		-90,903,000    -90,988,000 -72,418,000 -103,142,000                            
        gross profit
      		9,306,000        -70,075,000 -47,546,000 -64,140,000   829,794,000                     
        operating expenses:
      		                                  
        research and development expenses
      		-16,406,000    -14,648,000 -15,342,000 -10,778,000  -17,857,000 -19,058,000 -33,364,000   -101,155,000                     
        sales and marketing expenses
      		-4,472,000    -1,578,000 -1,073,000 -1,762,000  -2,437,000 -1,485,000 -1,145,000   -19,966,000                     
        general and administrative expenses
      		-16,361,000    -10,445,000 -14,304,000 -20,191,000  -26,369,000 -17,577,000 -24,633,000   -130,039,000                     
        impairment on property and equipment
      		                                  
        gain on disposal of property, equipment and software
      		863,000                                  
        total operating expenses
      		-36,376,000    -27,469,000 -30,719,000 -39,199,000  -49,026,000 -38,120,000 -60,820,000   -251,160,000                     
        income from operations
      		-27,070,000    -46,599,000 -68,046,000 -93,268,000  -119,101,000 -85,666,000 -124,960,000   578,634,000                     
        interest income
      		76,000    66,000 205,000 229,000  226,000 440,000 1,141,000   3,244,000                     
        interest expense
      		-385,000    -14,000                              
        change in fair value of cryptocurrency
      		10,576,000    -5,125,000 33,583,000                             
        change in fair value of financial instruments other than derivatives
      		-17,485,000                                  
        change in fair value of financial derivatives
      		23,440,000                                  
        excess of fair value of convertible preferred shares
      		                                  
        foreign exchange gains
      		338,000    11,364,000 -1,843,000 1,404,000  2,574,000 -2,559,000 3,741,000   913,000                     
        other income
      		225,000    -3,257,000 -4,454,000 -363,000  176,000 1,078,000 2,089,000   423,000                     
        income before income tax expenses
      		-10,285,000    -43,790,000 -38,591,000 -162,115,000  -116,125,000 -86,707,000 -117,989,000   582,401,000                     
        income tax benefit
      		-773,000    1,910,000 -802,000 23,100,000  5,456,000 2,341,000 26,380,000                        
        net income
      		-11,058,000    -41,880,000 -39,393,000 -139,015,000  -110,669,000 -84,366,000 -91,609,000   441,602,000                     
        foreign currency translation adjustment, net of nil tax
      		1,376,000    -3,999,000 -4,987,000 -268,000  -23,518,000 9,158,000 8,654,000   -4,789,000                     
        total comprehensive loss
      		-9,682,000    -45,879,000 -44,380,000 -139,283,000  -134,187,000                          
        weighted-average number of shares used in per share calculation:
      		                                  
        — basic
      		5,994,860,758,000    4,117,791,601,000 3,719,629,615,000 2,706,024,111,000  2,547,999,846,000 2,502,558,388,000 2,515,312,493,000   2,580,294,054,000                     
        — diluted
      		5,994,860,758,000    4,117,791,601,000 3,719,629,615,000 2,706,024,111,000  2,547,999,846,000 2,502,558,388,000 2,515,312,493,000   2,582,735,151,000                     
        net income per share
      		                                  
        share-based compensation expenses were included in:
      		                                  
        liabilities and shareholders’ equity
      		                                  
        current liabilities：
      		                                  
        deferred tax liabilities
      		 135,000                                 
        subscriptions receivable from shareholders
      		            -1,000 -1,000 -1,000 -1,000 -1,000  -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000  -1,000 -1,000 -1,000 -1,000 -1,000 -1,000 -1,000  
        ​
      		                                  
        intangible assets
      		   901,000                               
        current liabilities:
      		                                  
        preferred shares forward contract liability
      		       40,344,000                           
        contingencies
      		                                  
        series a convertible preferred shares
      		    77,104,000 1,514,000 7,116,000                            
        lease liabilities, non-current
      		    1,636,000 1,811,000 2,136,000  362,000 514,000 695,000 10,039,000 13,928,000 11,813,000 13,323,000 13,323,000 16,292,000 16,292,000 12,281,000 12,281,000 12,363,000 12,363,000 697,000 3,322,000 697,000 3,322,000 6,246,000 6,246,000 7,580,000 7,580,000 10,758,000 13,399,000 10,758,000 13,399,000 
        gross loss
      		    -19,130,000 -37,327,000 -54,069,000                            
        impairment on property, equipment and software
      		    -798,000  -6,324,000                            
        impairment on cryptocurrency
      		      -144,000  -2,363,000  -1,678,000   -368,000                     
        change in fair value of financial instrument
      		    -225,000 2,340,000                             
        excess of fair value of series a convertible preferred shares
      		     -376,000 -59,199,000                            
        weighted-average number of shares used in per class a and class b ordinary share calculation:
      		                                  
        net income per class a and class b ordinary share
      		                                  
        cryptocurrency, restricted
      		     32,655,000                             
        change in fair value of financial instruments
      		      -10,918,000                            
        cash and cash equivalents
      		        40,574,000 66,138,000 71,972,000  2,002,656,000 2,640,687,000 2,643,183,000 2,643,183,000 2,684,342,000 2,684,342,000 1,698,463,000 1,698,463,000 1,220,236,000 1,220,236,000 1,337,795,000 391,310,000 1,337,795,000 391,310,000 177,363,000 177,363,000 157,022,000 157,022,000 264,445,000 516,607,000 264,445,000 516,607,000 
        right-of-use assets
      		        2,300,000 2,896,000 3,669,000 29,600,000 35,259,000 30,172,000 27,552,000 27,552,000 30,920,000 30,920,000 26,241,000 26,241,000 30,423,000 30,423,000 11,592,000 14,422,000 11,592,000 14,422,000 18,819,000 18,819,000 17,706,000 17,706,000 19,684,000 22,764,000 19,684,000 22,764,000 
        lease liabilities, current
      		        1,553,000 1,901,000 2,359,000 16,118,000 18,666,000 15,233,000 14,713,000 14,713,000 14,819,000 14,819,000 13,521,000 13,521,000 18,111,000 18,111,000 10,592,000 12,621,000 10,592,000 12,621,000 8,110,000 8,110,000 9,128,000 9,128,000 7,358,000 9,838,000 7,358,000 9,838,000 
        retained earnings
      		        -80,616,000 -513,000 110,158,000  1,850,396,000 1,789,316,000 1,180,403,000 1,180,403,000 804,496,000               -980,579,000   
        net earnings per share
      		                                  
        change in fair value of warrant liability
      		             -445,000                     
        total comprehensive income
      		         -75,208,000 -82,955,000   436,813,000                     
        net earnings
      		                                  
        restricted cash
      		              47,412,000 47,412,000 47,362,000 47,362,000 127,000 127,000 126,000 126,000 860,000 4,494,000 860,000 4,494,000 4,479,000 4,479,000 5,098,000 5,098,000 7,125,000 8,239,000 7,125,000 8,239,000 
        warrant liability
      		              66,505,000 66,505,000 66,347,000 66,347,000   54,736,000 54,736,000             
        accumulated other comprehensive income/
      		            42,382,000                      
        8
      		                                  
        product revenue
      		             1,323,593,000                     
        leases revenue
      		                                  
        others
      		             145,000                     
        investment income
      		                                  
        income tax expense
      		             -140,799,000                     
        net earnings per class a and class b ordinary share
      		                                  
        short-term investments
      		                      8,500,000 62,386,000 8,500,000 62,386,000 204,570,000 204,570,000 347,559,000 347,559,000 173,402,000 11,005,000 173,402,000 11,005,000 
        cryptocurrencies
      		                20,310,000  6,062,000 6,062,000               
        other investments
      		                20,000,000                  
        short-term debts
      		                      24,986,000 34,754,000 24,986,000 34,754,000 34,656,000 34,656,000 181,093,000 181,093,000 175,747,000 99,903,000 175,747,000 99,903,000 
        notes payable
      		                      7,368,000 13,963,000 7,368,000 13,963,000 14,050,000 14,050,000 14,912,000 14,912,000 13,746,000 27,462,000 13,746,000 27,462,000 
        total non-current liabilities
      		                88,463,000  18,721,000 18,721,000 74,028,000 74,028,000 8,264,000 11,342,000 8,264,000  15,159,000 15,159,000 17,406,000 17,406,000 21,152,000  21,152,000  
        long-term investments
      		                  20,000,000 20,000,000               
        operating lease assets
      		                      12,725,000  12,725,000    88,287,000 88,287,000     
        non—current financial investment
      		                       25,000           
        non-current financial investments
      		                          2,500,000 2,500,000       
        income tax receivable
      		                                  
        amounts due from related parties
      		                                  
      Cashflow Statements:
      Quarterly
      Annual
        Unit: USD2024-12-31 2024-09-30 2022-12-31 
           
          net loss
        		   
          foreign currency translation adjustment, net of nil tax
        		   
          total comprehensive loss
        		   
          weighted-average number of shares used in per class a and class b ordinary share calculation:
        		   
          — basic
        		   
          — diluted
        		   
          net loss per class a and class b ordinary share
        		   
          share-based compensation expenses were included in:
        		   
          cost of revenues
        		   
          research and development expenses
        		   
          sales and marketing expenses
        		   
          general and administrative expenses
        		   
          cash flows from operating activities
        		   
          net cash from operating activities
        		  -1,114,542,000 
          capital expenditures
        		  -29,196,000 
          free cash flows
        		  -1,143,738,000 
          cash flows from investing activities:
        		   
          purchase of property, equipment and software
        		  -29,196,000 
          proceeds from disposal of property, equipment and software
        		   
          proceeds from disposal of cryptocurrency
        		  39,135,000 
          purchase of cryptocurrency
        		   
          payment for an acquisition, net of cash acquired
        		   
          net cash provided by investing activities
        		   
          cash flows from financing activities:
        		   
          proceeds from issuance of ordinary shares, net of issuance costs under at-the-market offering agreements
        		   
          proceeds from issuance of convertible preferred shares, net of issuance costs
        		   
          proceeds from long-term borrowings, net of issuance cost
        		   
          payment for repurchase of ordinary shares
        		  -56,014,000 
          proceeds from resale of treasury stock
        		  1,156,000 
          repurchase for tax withholdings on vesting of restricted share units
        		  -1,157,000 
          net cash provided by financing activities
        		   
          net decrease in cash
        		   
          effect of exchange rate changes on cash
        		   
          cash at the beginning of period
        		   
          cash at the end of period
        		   
          supplemental disclosure of cash flow information:
        		   
          cash paid for interest
        		   
          cash paid for income tax
        		   
          supplemental disclosure of non-cash investing and financing activities:
        		   
          mining equipment transfer from inventory to property, equipment and software
        		   
          issuance of ordinary shares pursuant to share lending arrangement
        		   
          net cash from investing activities
        		  9,939,000 
          net cash from financing activities
        		  -49,919,000 
          1.
        		   
          ​
        		   
          net income
        		   
          adjustments for:
        		   
          revenue recognized on acceptance of cryptocurrency
        		   
          cost recognized on payment of cryptocurrency
        		   
          (receipt) return of cryptocurrency as customer deposits
        		   
          change in fair value of cryptocurrency
        		   
          change in fair value of financial derivatives
        		   
          other income
        		   
          realised gain on sale of cryptocurrency
        		   
          depreciation and amortization of property, equipment and software
        		   
          amortization of intangible assets
        		   
          foreign exchange gain
        		   
          provision of allowance for doubtful receivables
        		   
          deferred income tax expense
        		   
          loss on disposal of property, equipment and software
        		   
          share-based compensation expense
        		   
          change in fair value of financial instruments other than derivatives
        		   
          excess of fair value of convertible preferred shares
        		   
          reduction in the carrying amount of the operating lease right-of-use assets
        		   
          interest of operating lease liabilities
        		   
          interest of long-term loan
        		   
          impairment loss of cryptocurrency
        		   
          impairment loss of property, equipment and software
        		   
          write-down of inventories
        		   
          write-downs of prepayments
        		   
          provision for reserve for inventory purchase commitments
        		   
          unrecognized tax benefit
        		   
          changes in assets and liabilities:
        		   
          accounts receivable
        		   
          inventories
        		   
          cryptocurrency
        		   
          prepayments and other current assets
        		   
          other non-current assets
        		   
          accounts payable
        		   
          contract liabilities
        		   
          income tax payable
        		   
          accrued liabilities and other current liabilities
        		   
          other non-current liabilities
        		   
          operating lease liabilities
        		   
          proceeds from sale of cryptocurrency
        		   
          repurchase of warrants
        		   
          proceeds from borrowings from long-term loan
        		   
          net increase in cash
        		   
          cash and restricted cash at the beginning of year
        		   
          cash at the end of year
        		   
          mining equipment transferred from inventory to property, equipment and software
        		   
          purchase of property, equipment and software and intangible asset
        		   
          proceeds from issuance of series a convertible preferred shares, net of issuance costs
        		   
          f-6
        		   
          accrued tax withholdings on vesting of restricted share units
        		   
          cost of revenues recognized on payment of cryptocurrency
        		   
          cryptocurrency received as customer deposits
        		   
          pledged cryptocurrency derecognized under long-term loans agreements
        		   
          return of cryptocurrency
        		   
          cryptocurrency received under long-term loans agreements
        		   
          conversion of series a convertible preferred shares into class a ordinary shares
        		   
          receipt of cryptocurrency as customer deposits
        		   
          depreciation of operating lease assets
        		   
          deferred income tax benefits
        		   
          change in fair value of financial instruments
        		   
          excess of fair value of series a convertible preferred shares
        		   
          investment income
        		   
          impairment charge to non-current financial investment
        		   
          prepaid interest expense
        		   
          notes payable
        		   
          proceeds from disposal of short-term investments
        		   
          payment for non-current financial investments
        		   
          prepayment under share repurchase agreement
        		   
          payment for cost of issuance
        		   
          repayment of borrowings
        		   
          proceeds from issuance of ordinary shares and warrants
        		   
          net increase in cash and restricted cash
        		   
          effect of exchange rate changes on cash and restricted cash
        		   
          cash and restricted cash at the end of year
        		   
          cash
        		   
          restricted cash
        		   
          total cash and restricted cash shown in the statement of cash flows
        		   
          transfer from inventory to operating lease assets
        		   
          transfer from operating lease assets to inventory
        		   
          purchases of property, plant and equipment in accrued liabilities and other current liabilities
        		   
          change in fair value of warrant liability
        		   
          reduction in the carrying amount of the right-of-use assets
        		   
          interest of lease liabilities
        		   
          lease liabilities
        		   
          payment for short-term investments
        		   
          proceeds from borrowings
        		   
          payment for repurchase of warrants
        		   
          payment for cost of issuance of ordinary shares and warrants
        		   
          net increase in cash and cash equivalents, and restricted cash
        		   
          effect of exchange rate changes on cash and cash equivalents, and restricted cash
        		   
          cash and cash equivalents, and restricted cash at the beginning of period
        		   
          cash and cash equivalents, and restricted cash at the end of period
        		   
          income tax receivable
        		   
          amount due from a related party
        		   
          prepaid interest expense and guarantee fee
        		   
          proceeds from issuance of ordinary shares
        		   
          proceeds from issuance of ordinary shares upon ipo, net of cost of issuance
        		   
          cash and cash equivalents, and restricted cash at the beginning of year
        		   
          cash and cash equivalents, and restricted cash at the end of year
        		   
          cash paid for guarantee fee
        		   
          accrued initial public offering related cost
        		   
          foreign exchange loss/
        		   
          (reversal)/provision of allowance for doubtful receivables
        		   
          deferred income tax expenses
        		   
          amortization of right-of-use asset
        		   
          net cash inflow arising from disposal of subsidiaries
        		   
          net cash provided by/(used in) investing activities
        		   
          payment for deemed distribution
        		   
          acquisition of operating lease assets
        		   
          disposal of operating lease assets
        		   
          foreign exchange loss
        		   
          reversal of allowance for doubtful receivables
        		   
          loss on disposal of subsidiaries
        		   
          net cash (outflow) inflow arising from disposal of subsidiaries
        		   
          proceeds from issuance of ordinary shares-
        		   
          proceeds from issuance of ordinary shares upon ipo, net of cost of issuance-
        		   
          proceeds from capital contribution of a shareholder
        		   
          net increase in cash and cash equivalents, restricted cash
        		   
          effect of exchange rate changes on cash and cash equivalents, restricted cash
        		   
          cash and cash equivalents, restricted cash at the beginning of year
        		   
          cash and cash equivalents, restricted cash at the end of year
        		   
          supplemental disclosure of non-cash investing and financing activity:
        		   
          disposal of subsidiaries included in receivables