Canaan Inc, a leading Chinese Bitcoin mining hardware manufacturer published its unaudited second quarter (2020) financial results. As per the report, the company’s gross profit increased year over year and quarter over quarter, but Canaan still suffered a net loss.  However, the firm’s gross margin expanded significantly last year as well as in the first quarter of 2020. Further, the total computing power sold through Canaan’s Application Specific Integrated Circuit (ASIC) processors was 2.6 million Thash/s. This indicated an increase of approximately 198.5% in the first quarter of 2020 from 0.9 million THash/s, but it also represented an 18.2% decrease…