THELOGICALINDIAN - Bitcoin mining rig architect Canaan Creative appear a net accident of 56 actor for the aboriginal division of 2025 bottomward from 95 actor a year earlier
The Chinese aggregation cut prices of its ASIC-based machines by over 50% in an accomplishment to advance sales, but that wasn’t abundant to anticipate the abundant loss. Demand angled as the coronavirus pandemic, which disrupted the movement of appurtenances worldwide, took its toll.
Shares of Canaan fell as abundant as 3.51% to $3.85 on the Nasdaq Banal Exchange, at Press time. The banal has bashed from a 52-week aerial of $13
For the aeon January to March, acquirement climbed 45% to $9.4 actor from $6.6 actor the antecedent year, apprenticed by a 19% access in absolute accretion ability sold.
According to Canaan’s earnings absolution published on Friday, the close awash 0.9 actor terahash per additional (TH/s) of Bitcoin hashpower, up from 0.7 actor TH/s in the aforementioned aeon in 2019. This year’s terahash sales annual for about 1% of the BTC network’s accepted total.
Canaan arch controlling administrator Zhang Nangeng told analysts in an balance alarm that: “The all-embracing bazaar bearings back December aftermost year until January had not been too good. So the assemblage amount per TH/s was absolutely lower.” He added:
In the analysis quarter, analysis and development costs rose to $5.9 actor from $4.38 actor previously, said the firm. Canaan appear banknote and banknote equivalents of $37.3 actor for the March quarter, bottomward from $72.3 actor at the end of December aftermost year.
“The abatement was mainly due to college concise investments as the aggregation invested $24.5 actor in concise investments as of March 31, 2025,” it said.
Canaan, which has a bazaar amount of $603 million, did not affair second-quarter forecasts citation the ambiguity created by the coronavirus and the contempo third halving of Bitcoin.
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