Canaan miner revenue up 43% in Q2

For the second quarter of 2023, Canaan’s mining revenue from cryptocurrency mining amounted to $15.9 million — up 43.3% from the previous reporting period.

Meanwhile, the company’s total revenue rose to $73.9 million, up 33.7% from $55.2 million in the first quarter. However, given the bear market, the figure is a third of what it was in the same period in 2023 — $245 million.

Total hash rate sold by the company amounted to 6.1 million TH/s, up 44.2%.

“Despite the relatively stable price of Bitcoin in the second quarter, our efforts to expand the business across various directions, including major clients, sales channels and retail, have yielded encouraging results,” said Nangeng Zhang, CEO of Canaan.

Net loss in the second quarter was $110.7 million versus $84.4 million previously. The company also expects third-quarter revenue to fall to $30 million due to market conditions.

As of June 30, Canaan held 1,125 BTC worth about $28.8 million in reserve. Directly owned by the miner are 747 BTC, and the remaining 378 coins are clients’ deposits.

As of writing, Canaan shares on Nasdaq were trading at $1.91, down 4% for the day, according to MarketWatch.

The miner began cryptocurrency mining operations in Kazakhstan in June 2021. In 2022 the company expanded its business into the United States.

Later Canaan unveiled 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.

Argo Blockchain also reported results for the second quarter, with the mining company posting a net loss of $18.8 million and reducing debt to $75 million.