Canaan Reports Q2 Growth in BTC Mining Revenues Despite Net Loss
Summary:
Bitcoin mining company Canaan reported unaudited Q2 2023 financial results, showing growth in computing power sold and BTC mining revenues. However, it also incurred a net loss of $110 million. Canaan attributes the revenue growth to the recovery in Bitcoin prices and increased Bitcoin rewards. The company suspended some mining operations in Kazakhstan to comply with new regulations. Canaan is seeking a specialized license to continue its operations.
Canaan, a Bitcoin mining company, has released its unaudited financial results for Q2 2023. Despite experiencing a net loss of $110 million, the company has seen growth in computing power sold and BTC mining revenues. The increase can be attributed to factors such as a rise in Bitcoin prices and the resulting increase in Bitcoin rewards. Canaan recorded $73.9 million in revenue for Q2 2023, up from $55.2 million in the previous quarter. The company's total computing power sold also experienced significant growth, reaching 6.1 million Thash/s, a 45% increase quarter-on-quarter. However, Canaan reported net losses of $110.7 million in Q2, which were influenced by non-cash accruals and provisions reflecting changes in selling prices, regulatory shifts, and partner agreements. Canaan currently holds 1,125 BTC valued at $28.8 million and has suspended a portion of its mining computing power in Kazakhstan to ensure compliance with new regulations. The company is in the process of obtaining a specialized license to continue its operations.
Published At
8/29/2023 12:37:26 PM
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