Canaan's Bitcoin mining revenue saw a 43% increase compared to the first quarter of 2023.
Bitcoin Miner Canaan’s Q2 Mining Revenue Surges by 43%, Net Loss Increases by 31%: ReportCanaan’s Bitcoin mining revenue saw a 43% increase compared to the first quarter of 2023.
Canaan’s growth in revenue coincided with its expansion into new mining projects in both Africa and South America.According to its unaudited financial results for the three months ended June 30, 2023, Canaan’s mining revenue amounted to $15.9 million, reflecting a 43.3% surge from the $11.1 million recorded in the first quarter of 2023 and a substantial 105.1% rise from the $7.8 million in the same period last year.
“Despite the relatively stagnant bitcoin price in the second quarter, our endeavor to drive sales across various fronts, including major clients, channels, and retail, yielded encouraging results. This effort propelled our total computing power sold to a remarkable 6.1EH/s, up 44% sequentially. Our mining revenue further set a new historic high in the second quarter of 2023. “
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