Canaan Q1 Revenue Hits $35.09M, BTC Holdings Exceed 1,000
CryptoNewsTerminal Staff17 May, 2024
Canaan Q1 Revenue Hits $35.09M, BTC Holdings Exceed 1,000
Canaan (NASDAQ: CANAAN), a leading producer of cryptocurrency mining machines, saw a 6% year-over-year increase in revenue during the first quarter of 2023, totaling $35.09 million. Mining revenue rose by an impressive 182.1% to $10.5 million. For the first time, Canaan's BTC holdings surpassed 1,000, climbing to 1,057 BTC. The company's net loss decreased significantly by 53.3% year-over-year, coming in at $39.4 million, marking a 71.1% drop compared to the previous quarter.
