Canaan Faces $33M Net Loss in 2020
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Canaan Inc., a bitcoin mining provider, has published an unaudited financial report for the past year. According to the document, the company's total net loss in 2020 was $33 million. Nonetheless, this loss is lower than in 2019 when the company lost $148 million.

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Canaan's general and administrative expenses thorough the whole past year decreased by 62.1% to $20.2 million from $57 million in 2019. In the meantime, the company believes that its revenue will be "substantially improved in 2021" and expects that its total net revenues in Q1, 2021 will not be less than $61 million.

Canaan Initiates $10 Million Share Repurchase Program

As iHodl reported earlier, BTC miners earned over $1.5 billion in March. In particular, of this $1.5 billion, $1.36 billion corresponded to fees for mining blocks (the 6.25 BTC miners receive as a reward each time they mine a block).

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