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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)…

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Bitcoin Transaction Fees Soar 550% in a Month, BCH, Dash Transactions Much Cheaper

The cost of sending a transaction over the Bitcoin network rose sharply over the past month, as the price of the top cryptocurrency climbed higher. According to latest data from Bitinfocharts, the average bitcoin (BTC) transaction fee soared by as much as 547% in the month to August 6, rising from just $1 to $6.47. The fee dropped to $2.73 on August 9, but still represents an increase of about 150% from 30 days earlier. It cost BTC users $6.65 to send a transaction over the blockchain on May 20, just nine days following Bitcoin’s scheduled supply cut. This is…

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Bitcoin’s Current Breakout Sets It up for $28,000, Headed for Six Figures – Max Keiser

Max Keiser has predicted that bitcoin’s current bullish pattern will lead toward a price of $28,000. While the bitcoin bull does not give a timeframe when this is likely to happen, he believes that, thanks to relentless government money printing, the benchmark cryptocurrency will eventually test $100,000. But not before some correction. “$28,000 is in play before we see a pullback – and then we’re heading to 6-figures,” Keiser forecast, in the course of several tweets. Bitcoin (BTC) soared more than 20% to hit $11,300 on July 28, its highest level since August 2019. The top crypto has struggled to…

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