Bitcoin (BTC) miner Canaan‘s second-quarter financial report showed that the firm operated at a loss during the reporting period despite its increasing mining revenue and computing power.
Per the unaudited financial report, the miner generated a total revenue of $73.9 million, while its “cost of revenues” were $143.9 million, resulting in a gross loss of $70.1 million. The firm had recorded a gross loss of $47.5 million during the first quarter.
James Jin Cheng, the chief financial officer of Canaan, added that the firm recorded a net loss of $110.7 million, including inventory write-down, provision for commitment reserve, and impairment of property and equipment, totaling $54.7 million.
BTC mining revenue and computing power climbs
Canaan revealed that its mining revenue for the second quarter grew to a historic high of $15.9 million, representing a 43.3% increase from what it generated during the first quarter of the year.
Per the statement, the mining revenue achievement is no
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