The CEO of Nasdaq-listed Canaan Inc, a Cathay-based firm that specializes in Bitcoin (BTC) mining equipment, argued that People's republic of china's Bitcoin mining ban should make allowances for green-free energy users during a conference telephone call on Tuesday.

Zhang Nangeng said that an indiscriminate ban on Bitcoin mining failed to take into business relationship the potential economic benefits that could arise from embracing light-green-free energy mining. Zhang stated that mining could present a solution to the oversupply of electricity in certain regions of the country, where resultant depression energy prices already attract miners.

"For-profit miners prefer regions with low electricity prices that indicate crowd, and probable energy waste. Bitcoin miners as well help create jobs in impoverished regions and contribute to fiscal coffers," said Zhang.

Canaan'due south stock price increased 24% on Tuesday, adding to 42% growth for the calendar week. The surge in Canaan's share cost came amid the release of the firm's financial results for the commencement quarter of the year, which testify spectacular growth since this time in 2022.

The company's acquirement grew 490% yr-on-year, primarily from the sale of its ASIC mining equipment. The company also recorded a net income of $22.4 1000000 subsequently recording a net loss of $five.ix meg the yr before.

"Our financial performance improved significantly in the quarter, driven by the Bitcoin cost rally, higher client demand for quality mining machines, and our ability to ramp up mining machine production and deliveries," wrote Nangeng in the quarterly report.

The surge in the firm'southward share price represents a swift turnaround afterward information technology sunk 41% over the class of the previous calendar month amid the Bitcoin cost driblet. The firm's business organization outlook predicted an increase in sales but stopped short of providing further fiscal guidance due to the volatility in the value of Bitcoin, which has a knock-on result on mining need.

"The Visitor recognizes that the trends in Bitcoin prices are currently hard to predict and cannot provide financial guidance due to Bitcoin'south toll volatility in late May of this year," the report stated.