Crypto mining company Canaan generated $15.9 million in cryptocurrency mining revenue during the second quarter of 2023, up 43.3% from the previous reporting period.
Meanwhile, the company's total revenue increased to $73.9 million, up 33.7% from $55.2 million in the first quarter.
However, taking into account the impact of the bear market, the figure is three times lower than in the same period of 2023, when it stood at $245 million.
The company's total amount of computing power sold amounted to 6.1 million TH/s, registering an increase of 44.2%.
Canaan CEO Nangeng Zhang has said:
"Despite the relatively stable price of Bitcoin in the second quarter, our efforts to expand the business in various directions, including large customers, sales channels and retail, have yielded encouraging results."
Net losses in the second quarter came in at $110.7 million compared to $84.4 million previously. The company also expects third-quarter revenue to fall to $30 million due to market conditions.