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03 June 2020

Canaan Reports $5.6M Loss in Q1 Despite Bitcoin Miner Price Cut - CoinDesk

Canaan Reports $5.6M Loss in Q1 Despite Bitcoin Miner Price Cut - CoinDesk


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In an earnings report released on Friday, the firm said it made $9.4 million in revenue for the first three months this year with a growth of 44.6% compared to the same period last year.

For context, Canaan booked a revenue of $66.5 million in 2019 with 2.9 million TH/s of Bitcoin computing power sold, meaning the average prices was around $22 per TH/s last year.

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