For the second quarter of 2023, mining company Canaan generated $15.9 million in cryptocurrency mining revenue, up 43.3% from the previous reporting period.
Meanwhile, the firm’s total revenue rose to $73.9 million, up 33.7% from the $55.2 million in the first quarter. However, taking into account the impact of the bear market, the figure is three times less than in the same period in 2023 – $ 245 million.
The total amount of sold computing power of the company amounted to 6.1 million TH / s, recording an increase of 44.2%.
“Despite the relatively stable price of bitcoin in the second quarter, our efforts to expand the business in various directions, including large customers, sales channels and retail, have yielded encouraging results,” said Canaan CEO Nangeng Zhang.
Net loss in the second quarter was $110.7 million compared to the previous $84.4 million. The company also expects third-quarter revenue to fall to $30 million due to market conditions.
As of June 30, Canaan has 1,125 BTC in reserve, worth about $28.8 million. The miner owns 747 BTC directly, and the remaining 378 coins are customer deposits.
At the time of writing, Canaan shares are trading at $1.91 on the Nasdaq, down 4% overnight, according to MarketWatch.
The manufacturer of miners under the Avalon Made brand in June 2021 began cryptocurrency mining operations in Kazakhstan. In 2022, the company expanded its business to the US.
Later, Canaan introduced the latest generation of Avalon Made 13 series bitcoin mining devices. In May 2023, the firm released a version of the miner with immersion cooling.
Recall that Argo Blockchain also reported on the results of the second quarter, following which the cryptocurrency mining company recorded a net loss of $18.8 million and reduced its debt to $75 million.
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