Canaan, a Chinese Bitcoin organisation, mentioned the development in their financial metric in the first quarter of 2023, stated Cointelegraph. The progress is expected to be less than last year’s financial status.
With insights from an unaudited report, Canaan’s net loss was about $84.4 million in Q1, much less than the $91.6 million net loss in the last quarter. It is believed that this net loss represents a decline as compared to the year 2022 when the firm had an income of about $65.1 million, Cointelegraph highlighted.
“In the first quarter of 2023, we experienced a further contraction in our sales revenue, due to the industry-wide reduction in selling prices, and unforeseen delays in payment and shipment following a series of U.S. bank failures. In addition, our mining business encountered difficulties that postponed the increase of our installed hash rates,” James Cheng, chief financial officer, Canaan, mentioned, adding that the revenue results “fell short” of expectations.
Furthermore, by March 31, 2023, Canaan had 623 BTC, worth $13.4 million, Cointelegraph concluded.
(With insights from Cointelegraph)
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