Bitcoin mining hardware maker Canaan lost $149M in 2019

posted about 2 months ago
Canaan, the Nasdaq-listed bitcoin mining equipment maker, reported a net loss of $148 million for 2019. Notably, its annual net revenue went from $400M in 2018, to $200M in 2019. It’s worth noting, Canaan had a 2019 Q4 net loss of $115M, compared to 2018 Q4 net loss of only $10M. However, it did seem to sell more computing power in 2019. 7.2 million TH/s in 2018, and 10.5 million TH/s in 2019, according to their documentation.

Canaan had a high profile debut on Nasdaq debut last November. However, Canaan seems to have been experiencing difficulties when Bitcoin’s price dropped, combining with company being hit with a lawsuit for allegedly misleading investors in its initial public offering filing.
Tags: bitcoin, blockchain, news