Bitcoin mining machine manufacturer Canaan has reported a 33.7% increase in total revenue for the second quarter of this year, reaching $73.9 million. The company’s chief financial officer also noted a 115% increase in cryptocurrency assets, including 747 Bitcoins. However, Canaan experienced a net loss of $110.7 million due to inventory write-down, provision for commitment reserve, and equipment impairment. The company is currently seeking licensing to continue operations and expects reduced Bitcoin generation as some hardware is offline. Despite these challenges, miners are still scaling up in preparation for the Bitcoin halving in April 2024.
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