Tags: Canaan

Top Miners Spend $1.2 Billion In Pre-Halving Machine Shopping Spree + More News

The United Arab Emirates increasingly attracts Web3 companies to its jurisdictions, becoming the center of global crypto innovation.

Canaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price past $100,000.

Bitcoin mining firm Canaan posts second quarter financials, with Bitcoin mining revenue up 43 from Q1 2023, though net loss also rose 31 to $110 million.

Diluted net loss per American depositary share in Q1 2023 stood at $0.51, down from $0.55 in the previous quarter.

Stronghold Digital Mining CEO Greg Beard (right) and co-chairman Bill Spence (left). (Stronghold Digital Mining)

The firm reported Q4 net loss per ADS of 38 cents compared to $1 for the same period in 2021.

Crypto mining firm Canaan expects its annual RMB-denominated revenue to drop less than 15 despite the crypto market cap plummeting 70 in 2022.