Miner manufacturer Canaan reports $5.6M loss in Q1 after selling machines at 50% off

posted 3 months ago
China-based bitcoin miner manufacturer Canaan reported a net loss of $5.6 million for Q1 2020, even though it had cut down the prices for its hardware by more than half in an effort to sell more machines. In an earnings report released on Friday, the firm said it incurred R&D expenses worth $5.9 million – larger than in Q1 2019.

Canaan sold 0.9 million terahashes per second (TH/s) of Bitcoin computing power, which accounts for less than 1% of the network’s current total. That means Canaan had cut down the prices for its mining hardware sold in the first three months by more than 50% to just $10 per TH/s.
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