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Canaan Cuts Losses for Second Successive Quarter, Down To $2.4M in Q2; Demand Remains Weak

Canaan Creative, the Chinese maker of bitcoin mining hardware, reported a net loss of $2.4 million during the second quarter of 2020, down from $5.6 million in the previous quarter. It is the second consecutive quarter of narrowing losses for the firm, hit hard by falling demand amid the Covid-19-induced global recession. For the three months to June 30, revenue soared 160% to $25.2 million from $9.6 million the quarter before, driven by a near 200% increase in total computing power sold. According to Canaan’s earnings release of August 31, the Beijing-based company sold 2.6 million terahash per second (TH/s)…

Continue Reading Canaan Cuts Losses for Second Successive Quarter, Down To $2.4M in Q2; Demand Remains Weak

Bitcoin mining rig manufacturer Canaan posted net loss, CEO cites Covid-19 and BTC halving 

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…

Continue Reading Bitcoin mining rig manufacturer Canaan posted net loss, CEO cites Covid-19 and BTC halving 

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