Crypto Updates

Canaan Breaks Record in Revenue, Struggles to Turn a Profit

Bitcoin Mining

publicly traded cryptocurrency miner has published a financial report for Q2
2022, reflecting complex market conditions and mixed results in the face of low
Bitcoin (BTC) prices and increasing mining difficulty. On one hand, Canaan Inc.
(NASDAQ: CAN) showed significant growth in computing power and Bitcoin mining
revenues. However, it also highlighted the challenges it faces, including
regulatory changes and market pressures, which have affected its sales and
mining operations.

The company
sold a total computing power of 6.1 million Thash/s, marking an increase of 44.2%
from the first quarter of 2023. Revenues for the quarter stood at $73.9
million, compared to $55.2 million in Q1 2023. Despite these gains, the company
is grappling with a market that has yet to recover, affecting its sales and
mining operations entirely.

the results improved quarterly, but they are much worse on an annual basis. In
the revenue category, $73.9 million for the last quarter is significantly less
than $245.9 million in the same period in 2022. Still, the result was better
than market expectations.

Zhang, the Chairman and CEO of Canaan, stated that the company managed to
surpass its revenue guidance despite a stagnant Bitcoin

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