Mining Company Canaan Creative Reports Decrease in Losses
Main page News, Mining

Chinese crypto mining company Canaan Creative has just published the financial results for the second quarter of 2020.

According to the report, Canaan has recorded revenue growth over the previous quarter and the same period in 2019. Thus, net losses recorded during the second quarter amounted to $2.38M or $0.1 per share, while during the first quarter the figure stood at $5.64M or $0.24 per share.

At the same time, revenues rose from $9.6M to $25.2M, or 160%. According to the company, the highest expenses belong to the "general and administrative" category, representing 48% of Canaan's total operating costs.

Canaan's shares have jumped by 15% to $2.29 driven by the news, however, they soon fell to $2.01. The company's share price has fallen by 23% over the past month. In mid-June, shortly after the third halving of Bitcoin occurred, the company's share price hit an all-time low of $1.76. Since the company started to trade on the NASDAQ in November last year, its shares have dropped by 85%.

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