Bitcoin mining hardware manufacturer Canaan lost nearly $ 150 million in 2019

Bitcoin investors are showing sentiment

Canaan Creative, a Bitcoin mining equipment maker listed on Nasdaq, reported a net loss of $ 148 million in 2019.

The company, which is based in Hangzhou, China, revealed in its un-verified financial statements the fourth quarter of 2019 - it has been submit to the Securities and Exchange Commission (SEC), that the total net revenue in 2019 is $ 204.3 million - roughly half of the amount earned in 2018.

It is worth noting that the loss from activities in the fourth quarter of Canaan amounted to 115.1 million USD, while the figure of the same period in 2018 was only 10.6 million USD.

However, it seems that the company sold more than its computational power in 2019. In 2018, Canaan sold a total of 7.2 million TH / s, while in 2019 that number increased by 47.1. % to 10.5 million TH / s, according to filing filed with the SEC.

Canaan made a big debut on Nasdaq last November, after one of its leading sponsors, Credit Suisse, left. In February 2020, Canaan shares rose more than 80% in one day to reach an all-time high.

However, prices soon plummeted back and are now hovering around all-time lows since then. The company was later caught in a lawsuit accusing investors of filing an initial public offering (IPO).

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According to The Block
Translated by ToiYeuBitcoin