Bitcoin miner Canaan reported its unaudited Q2, 2023, report, showing an increase in key metrics but failure to achieve the break-even point. The company faced a challenging market context and saw a rapid increase in the cost of revenues, resulting in gross losses. Canaan incurred $70.1 million in losses, a 48% increase compared to the previous quarter. The chairman expressed confidence in bitcoin’s potential despite the market challenges. Canaan’s net revenues primarily came from product sales. The company also had to abandon mining computing power in Kazakhstan due to regulatory crackdown.
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