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Canaan, a Bitcoin mining equipment manufacturer, has released its unaudited 2020 financial results, including an estimate of $5.9 million in total net revenue for the fourth quarter of last year and total net revenue of $68.6 million across 2020.

And the company went on to say that it expects its total net revenue in the first quarter of 2021 to nearly match that of the previous year as a whole.

“As the price of bitcoin started to move up in the fourth quarter of 2020, the company believes that its revenue will be substantially improved in 2021 and expects that its total net revenues in the first quarter of 2021 will be not less than RMB400.0 million [about $61 million],” per the release.

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