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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

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