Bitcoin

James

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 Bitcoin mining firm Canaan posts second quarter financials, with Bitcoin mining revenue up 43% from Q1 2023, though net loss also rose 31% to $110 million. 
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<div class="cointelegraph">
 Bitcoin <a rel="dofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> company Canaan announced its unaudited financial results for Q2 2023, showing growth in computing power sold and BTC <a rel="dofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> <a rel="dofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a>s while it tackled a significant net loss of $110 million. up 31% on Q1.
 The NASDAQ-listed company outlined a variety of reasons influencing increased revenues and a significant headwind that included an inventory write-down and equipment impairment totaling $54 million.
 Canaan recorded $73.9 million in revenue in Q2 2023, up from $55.2 million quarter-on-quarter. This consisted of $57.9 million from products revenue and $15.9 million in Bitcoin mining revenue.
 BTC mining revenues reflected 43.3% growth compared to Q1’s $11.1 million, with Canaan’s 2023 Q2 more than doubling Q2 2022's $7.8 million in BTC mining revenues. The company attributed this surge to the recovery in Bitcoin prices and the consequent rise in Bitcoin rewards.
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 “The sequential increase was mainly driven by the Bitcoin price recovery and increased Bitcoin rewards across the network during the quarter.”
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 Canaan also reported significant growth in its total computing power sold, reaching 6.1 million Thash/s, up 45% quarter-on-quarter, with the sector becoming a major driver of <a rel="dofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> for the company.
 Canaan also detailed net losses totalling $110.7 million in Q2, which it attributed to non-cash accruals and provisions reflecting changes in selling prices, regulatory shifts, and partner agreements. 
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 Canaan CFO James Jin Cheng added that the losses included inventory write-down, provision for commitment reserve and impairment of property and equipment which totaled US$54.7 million. 
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 “These non-cash accruals and provisions reflect our consideration of the latest selling price change, regulation changes in Kazakhstan, and the default by the partner at a U.S. project, which did not influence our cash flow.”
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 As of June 2023, Canaan’s listed cryptocurrency holdings included 1,125 BTC valued at US$28.8 million. 747 BTC are owned by Canaan, while 378 BTC are attributed to customer deposits.
 Canaan also reported that it had suspended 2.0 exahash/s of its <a rel="dofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> computing power based in Kazakhstan to ensure legal compliance with the Rules for Licensing of Digital Mining Activities coming into effect.
 The company is in the process of obtaining a specialized license to continue its operations and expects a reduction in its Q3 BTC generation as a result of the offline hardware. 
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Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/canaan-s-2q-mining-revenue-jumps-43-on-1q-but-net-loss-climbs-31-tbt60786.html">https://thebittimes.com/canaan-s-2q-mining-revenue-jumps-43-on-1q-but-net-loss-climbs-31-tbt60786.html</a>

Canaan’s 2Q mining revenue jumps 43% on 1Q, but net loss climbs 31%

TheBitTimes

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