full fourth and overview the year our I now brief will Zhang, and everyone. of XXXX. Hello, Inc. This the in provide Nangeng the of CEO Canaan Chairman of is progress a quarter
rise, demand mining quarter, machines. for the to fourth grow helped Bitcoin which During prices continued to the market
abundant we the which large our to and optimized has our establish a further cash secured base to the already market the number quarter, fourth enabled helped in from long-term of Our visionary previous partners, of flows. composition customer quarters. approach our In in safeguard presence a us orders
As total our $XXX $XX contracted XXXX, of the of our advances million, amounted representing quarter from XX, sequential customers, from with increase orders in third million XXXX. of December a to million $XX
started already and mass this of machines delivering in next-generation the service new mining have scale period, we of in a product We production fourth and our begun the AXX the large XXXX. also successfully delivered quarter series at
quarter, machine refining During our and business mining strengthened operations in the competencies the investing our fourth management. chain market, we core by supply of expanding further R&D in our the capabilities our
XX,XXX orders Octo for achieve best-in-class Invest, In investment commercial in number were AI to orders quarter mining particular, ordered number business our of X,XXX institutions, In to Credit AI grow the significantly in Energy to XXXX, which mining Blue progress in from the reached machines, has we XX,XXX able machines. XXXX continued addition, for half us and Among second ordered alone. fourth XXX,XXX our machines. our which developing the facilitating including chips machines secure chips received reaching investment has our for orders we the increased of these machines [ph] [ph] the meaningful and have prominent in orders, their of we total enabled segment machines In applications.
with Europe. customers started Northern addition, collaborations In in several also mining have well-regarded we machine
global been and center crypto X,XXX a our leading the building miner. over fourth technology, Kazakhstan Meanwhile, than our service X,XXX blockchain in highest service customer in included advances provide Scientific, the U.S.-based up network already international of our more quarter. As and of in mining we best customer order the from for XXXX, in orders in the listed customers. a XXX,XXX $XXX end first crypto orders million global These customer our of we first with possible, services to Core base have established the have from with recorded miner quarter Canada machines from
Going local which provide to enable world. regions, America and around customer service other and plan in after-sale North customers additional to to service us the a build our timely will centers forward, we and effective
in in prioritized and and investments R&D investments our have We R&D, reached $XX XXXX. product total always our million
We as as continuously people team a We and competitive recruit designing complete have flow. of talented engineers seasoned with conditions. scheme compensation well working
will several product quarter. the we have have improving power we chips, chain of continued of our reached also and work consumption In supply began to the level partner, year which IC more refine computing the closely of which we test. generations with the to develop We than new to the manufacturing performance yield been expected in continue XXXX, basically the chips. the our during continuously Since new our one starting ago,
In addition business international for -- significantly in advancing chips across of example, and segment, our usage the to core domestic mining markets XXXX. our AI grew AI in both
of AI segment our AI currently year-over-year XXXX. relatively high maintain numbers delivered year-over-year that in chips expect our XXXX. fact, growth will revenue In a And we rate base tripled its on in
our adoption vision the growth large AI Following in addressable chips we significant market wide of AI particular, have currently opportunities is research, customer chips, market. with for identified a products creating
to three-tier XXXX, production output RMB X.X of light and be In as of opportunities, we the plan. total China’s trillion product X in market smartphone potential a size the formed exceeded market RMB fact, trillion. high have is sector In has these expected as
low-cost will we product the with -- chips. customers consumer development of prioritize customer First, solutions with
second power and homes, tier, other medium computing have vision for smart with the chips education For smart applications. we
chips power retail, with applications. The driving, vision other third assisted new will for robotics and tier high be computing
use power. cases corresponding a For the for the roadmap of specific we computing analyzed AI market demand and chips, application, have
and in tape-out of high that March. in mid chips to in AIoT KXXX the high-end the for interest carry we designed small the preorders. quarter the and which the over the for start finished fourth production last lines. several chip past series We multiple product chips the analog the completed Currently, we a back in mass received we of year the series process KXXX second KXXX have market the The and result, chips, significantly two process are a already series series digital half have XXXX. series variety IPs KXXX commissioning developed As undergoing customized of expect to generated as years, market, partially the early have
under computing is KXXX other KXXX hand, our version further customer an upgraded the optimized the KXXX the we development consumption series series series, from power of On series. the the Using KXXX field. power and feedback
the this also enterprise refined to we addition, flexible better developers development. foundation made transport, of support In the to for KXXX future and for needs more the laying the chip next-generation service
for continue total that around our revenues. of of to will our half first expect we machines to XX% the contribute For XXXX, XX% mining contract future sales
However, second year, based market we of percentage for production half on the the the the such will and capacity. situation adjust
capacity production half presold future first been contracts. Our for the through current [Technical fully mining Difficulty] machine
extremely of our business. business thousand As price Starting into chain. adjusted XXX between case our reach based dedicate our capacity capacities. partners, EH total total every the will plan was on X mining of a and to monthly from a the month. second actual miners to of and our half an than number are Bitcoin primarily machines power obstacles our by to power own mining business an mining of computing there’s mining the be machines dedicated change machines such the In XXX result, We from additional our our starting throughout there significant series of consisted COVID-XX are Bitcoin the vehicle external consulting Thash the of mining less Bitcoin farms, Thash. development to between challenges our Canaan. combined the second several expect and X production a to mining supply allocate to production own year XX% for of production of the overcame capacity, we mining no plan The that that our price will we the AXX as important machines for AXX Bitcoin of XXXX, end of we to were quarter to These no place year. XXXX pandemic, XXXX, and EH that
our and to to in corporate independent optimize directors also to our We while structure strengthen adding governance. our order management personnel Board continued further
all business XXXX, well work of of would I trust towards challenging our opportunity for our their the ongoing of to efficiency employees this your Thank as Finally, as remain you. mission our investors way during improving we to as will year. In the of thank and hard support our like partners ever as our and the take and life. for committed society
