Connect with us

Crypto

Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining Hardware

Published

on

Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining Hardware

Bitcoin mining rig producer Canaan Creative reported a internet lack of $5.6 million for the primary quarter of 2020, down from $9.5 million a yr earlier.

The Chinese firm minimize costs of its ASIC-based machines by over 50% in an effort to enhance gross sales, however that wasn’t sufficient to stop the heavy loss. Demand slumped because the coronavirus pandemic, which disrupted the motion of products worldwide, took its toll.

Shares of Canaan fell as a lot as 3.51% to $3.85 on the Nasdaq Stock Exchange, at Press time. The inventory has tanked from a 52-week excessive of $13

For the interval January to March, income climbed 45% to $9.Four million from $6.6 million the earlier yr, pushed by a 19% improve in complete computing energy offered.

According to Canaan’s earnings launch revealed on Friday, the agency offered 0.9 million terahash per second (TH/s) of Bitcoin hashpower, up from 0.7 million TH/s in the identical interval in 2019. This yr’s terahash gross sales account for about 1% of the BTC community’s present complete.

Canaan chief govt officer Zhang Nangeng advised analysts in an earnings name that: “The total market scenario since December final yr till January had not been too good. So the unit worth per TH/s was certainly decrease.” He added:

And the logistics in mainland China had mainly stopped across the Chinese new yr as a result of Covid-19 pandemic. So despite the fact that bitcoin’s worth was at a better level in February and early March, the pandemic largely affected our gross sales.

READ MORE:  Traders Can Now Bet on the Bitcoin Mining Difficulty With FTX’s Futures

In the overview quarter, analysis and improvement bills rose to $5.9 million from $4.38 million beforehand, stated the agency. Canaan reported money and money equivalents of $37.Three million for the March quarter, down from $72.Three million on the finish of December final yr.

“The lower was primarily as a consequence of increased short-term investments as the corporate invested $24.5 million in short-term investments as of March 31, 2020,” it stated.

Canaan, which has a market worth of $603 million, didn’t problem second-quarter forecasts citing the uncertainty created by the coronavirus and the current third halving of Bitcoin.

What do you consider Canaan’s monetary outcomes? Let us know within the feedback part under.

The submit Canaan Narrows Q1 Loss to $5.6 Million Amid Weakening Demand for Mining Hardware appeared first on Bitcoin News.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000
Crypto14 mins ago

Bitcoin Breaks Key Hurdle: Here’s Why It Could Revisit $10,000

Section 230, the internet free speech law Trump wants to change, explained
Tech38 mins ago

Section 230, the internet free speech law Trump wants to change, explained

Coronavirus Isolation
Tech41 mins ago

The CDC updated its coronavirus isolation and quarantine guidance

YouTube Video
Entertainment2 hours ago

Why ‘The High Note’ Should Have Gone All the Way

SpaceX gets FAA permission to fly its Starship spacecraft prototype
Tech3 hours ago

SpaceX gets FAA permission to fly its Starship spacecraft prototype

EIT Digital Challenge 2020 Covid-19
Start-Ups3 hours ago

The EIT Digital Challenge 2020: Conquering COVID-19 crisis with innovation

Social distancing
Tech4 hours ago

Google’s new AR tool helps visualize social distancing guidelines

That Friend You Hate Short Film
Entertainment4 hours ago

Watch: Bromance Comedy Short 'That Friend You Hate' by Eli Shapiro

JPMorgan to Pay $2.5 Million to Settle Lawsuit for Overcharging Crypto Fees
Crypto5 hours ago

JPMorgan to Pay $2.5 Million to Settle Lawsuit for Overcharging Crypto Fees

What happens if Magic Leap shuts down?
Tech6 hours ago

Magic Leap CEO Rony Abovitz is out

Trump’s executive order on social media is legally unenforceable, experts say
Tech6 hours ago

Trump’s executive order on social media is legally unenforceable, experts say

Labyrinth Trailer Shot
Entertainment6 hours ago

‘Labyrinth 2’ Positions Scott Derrickson as the Latest Champion of an Art Form in Need

Anti-5G USB Stick Scam
Tech7 hours ago

This fake $420 anti-5G USB stick is hysterically stupid

3 bearish takes on the current edtech boom
Start-Ups8 hours ago

3 bearish takes on the current edtech boom

Viena and the Fantomes Trailer
Entertainment8 hours ago

Dakota Fanning is a Band Roadie in 'Viena and the Fantomes' Trailer

Tesla board certifies Elon Musk’s payday worth more than $700 million
Tech9 hours ago

Tesla board certifies Elon Musk’s payday worth more than $700 million

Google Scam Spotter
Tech10 hours ago

Google’s new Scam Spotter site could help curb coronavirus scams

Michael Mann Color Theory Thief
Entertainment10 hours ago

Michael Mann: Master of Cool Colors

Bitcoin Could Soon See a $1,300 Loss as It Nears Key Resistance
Crypto10 hours ago

Bitcoin Could Soon See a $1,300 Loss as It Nears Key Resistance

Trump’s Twitter tantrum is a distraction for everyone — including himself
Tech11 hours ago

Trump’s Twitter tantrum is a distraction for everyone — including himself

‘America needs our help’: Q&A with OfferUp CEO Nick Huzar after Seattle-area startup lands $120M
Tech2 months ago

‘America needs our help’: Q&A with OfferUp CEO Nick Huzar after Seattle-area startup lands $120M

Dr. Pimple Popper Goes Too Far For Some Fans With Blackhead Rice Krispie Treats Baking Video!
Entertainment2 months ago

Dr. Pimple Popper Goes Too Far For Some Fans With Blackhead Rice Krispie Treats Baking Video!

Global Savings Group acquires French cashback company iGraal for €123.5M
Start-Ups2 months ago

Global Savings Group acquires French cashback company iGraal for €123.5M

Updated FDA COVID-19 testing guidelines specifically disallow at-home sample collection
Start-Ups2 months ago

Updated FDA COVID-19 testing guidelines specifically disallow at-home sample collection

Fiat Chrysler to start producing 1 million face masks a month
Tech2 months ago

Fiat Chrysler to start producing 1 million face masks a month

All Day and a Night Trailer
Entertainment1 month ago

Trailer for 'All Day and a Night' with Jeffrey Wright & Ashton Sanders

Jennifer Lopez’s High School Sweetheart Dead At 51
Entertainment2 months ago

Jennifer Lopez’s High School Sweetheart Dead At 51

Former Slack exec April Underwood has joined Obvious Ventures as a venture partner
Tech2 months ago

Former Slack exec April Underwood has joined Obvious Ventures as a venture partner

Where top VCs are investing in D2C
Tech2 months ago

Startups Weekly: A new era for consumer tech

The Main Event Trailer
Entertainment2 months ago

Seth Carr Becomes a Wrestler in Fun Trailer for 'The Main Event' Film

Oura partners with UCSF to determine if its smart ring can help detect COVID-19 early
Start-Ups2 months ago

Oura partners with UCSF to determine if its smart ring can help detect COVID-19 early

Amazon Prime delivery delays are now as long as a month
Tech2 months ago

Amazon Prime delivery delays are now as long as a month

Kinsa’s fever map could show just how crucial it is to stay home to stop COVID-19 spread
Tech2 months ago

Kinsa’s fever map could show just how crucial it is to stay home to stop COVID-19 spread

The Google and Verily coronavirus websites are off to a rocky start
Tech2 months ago

The Google and Verily coronavirus websites are off to a rocky start

Streaming service fuboTV to merge with virtual entertainment technology company, FaceBank
Tech2 months ago

Streaming service fuboTV to merge with virtual entertainment technology company, FaceBank

After Life
Entertainment2 months ago

What’s New to Stream on Netflix for April 2020, and What’s Leaving

‘Canary in a coal mine’: Seattle marketing tech startup Amplero shuts down, lays off 17 employees
Tech2 months ago

‘Canary in a coal mine’: Seattle marketing tech startup Amplero shuts down, lays off 17 employees

Rocket Lab postpones next mission due to coronavirus pandemic
Tech2 months ago

Rocket Lab postpones next mission due to coronavirus pandemic

Lime’s valuation, variable costs and diverging categories of on-demand companies
Tech2 months ago

Lime’s valuation, variable costs and diverging categories of on-demand companies

RESISTANCE_movie review jesse eisenberg (1)
Entertainment2 months ago

‘Resistance’ Shows Untold Heroism of Iconic French Mime

Trending