Canaan, a computer hardware manufacturer, reported a historic high in mining revenue for the second quarter at $15.9 million, representing a 43.3% increase from the previous quarter. However, the company also recorded a net loss of $110.7 million, citing inventory write-down and regulatory challenges. Canaan’s CEO attributed the revenue growth to sales improvements and partnerships with channel clients. The CFO acknowledged potential challenges from regulatory shifts and market unpredictability. Canaan suspended mining operations in Kazakhstan due to regulatory issues and is involved in a legal dispute in the United States. Despite the positive mining revenue, the financial loss indicates the challenges faced by the company.
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