Bitcoin mining rig producer Canaan on Aug. 31 launched its unaudited monetary outcomes for the second quarter of 2020.Whereas gross revenue was up
Bitcoin mining rig producer Canaan on Aug. 31 launched its unaudited monetary outcomes for the second quarter of 2020.
Whereas gross revenue was up each yr on yr and quarter on quarter, the corporate nonetheless posted a web loss, albeit one which has narrowed considerably within the final twelve months.
The quantity of computing energy bought in its utility particular built-in circuit (ASIC) {hardware} was 2.6 million THash/s. This represents a rise of just about 200% on Q1 figures of 0.9 million THash/s, however is an 18.2% drop on figures from the earlier yr.
Revenues have been additionally up 160% on final quarter, however down 1 / 4 from final yr, at RMB 178.1 million ($25.2 million).
Nevertheless, gross revenue of RMB 43.Three million ($6.1 million) was up over 300% yr on yr, and over 1,700% on figures from Q1.
This was accompanied by a major enhance in gross margin for the quarter to nearly 25%. For comparability the gross margin was 3.5% within the earlier quarter and 4.5% in Q2 2019.
The results of this was a reported web lack of RMB16.eight million ($2.Four million). This was lower than half of the online loss posted within the earlier quarter and over 90% lower than the RMB 263.1 million reported in the identical quarter final yr.
Canaan was the primary mining rig producer to efficiently maintain an IPO, in November 2019, though it raised lower than 25% of the $400 million projected. Share value has crashed some 75% since then, with immediately’s worth being simply $2.19 of their preliminary $9 sale value.