Cryptocurrency mining company Canaan Technology (NASDAQ: CAN) has delivered strong financial results for the first quarter as its revenue surged past expectations, according to BlockBeats. The company’s total revenue reached $82.78 million, exceeding initial forecasts of $75 million and signifying a 135.9% year-on-year increase. Canaan Technology’s significant growth can be attributed to robust sales hash rate, rising to 5.5 million TH/s during the quarter, which represents a 62.6% year-over-year increase. The company’s own mining operations also generated impressive results, with mining revenue hitting $24.25 million – a 131.9% jump compared to the same period last year.