Canaan reports significant mining losses in Q3 2023 but reflects resilient year-over-year performance.
Bitcoin mining solutions provider Canaan reported total revenue of $33.3 million and a net loss of $80.1 million for the third quarter of 2023. The revenue, primarily from the sale of 3, 8 million Thash per second of computing power, representing a year-over-year increase of 8.6% despite a decrease from previous quarters.
.@canaanio reports 48% decline in Q3 #Bitcoin Miner Sales$CAN #BitcoinMining https://t.co/GSmM25fn0D
– TheMinerMag (@TheMinerMag_) November 28, 2023
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A significant development in the quarter was the launch and pre-sale of the new A14 product series, characterized by high computing power and energy efficiency. This release has been well received, indicating growing customer interest. However, the company faced increased price competition.
Canaan also obtained a Type II license for Bitcoin mining in Kazakhstan, following new digital mining regulations. The company had temporarily closed part of its mining power in Kazakhstan to comply with the law, but is now ready to resume operations, aligning with its strategy of diversifying its global mining portfolio.
Bitcoin mining activities have intensified, with the latest Bitcoin halving on the horizon. Recently, BTC mining difficulty has reached a record high and several leading mining companies have also secured key investments. Halving season traditionally intensifies mining operations due to reduced Bitcoin rewards, and we have seen similar trends in recent months.
Read more: Bitfarms to buy Bitmain’s BTC miners for $95.5 million
