Canaan Sees Q2 Revenue Fall Amid Weaker Bitcoin Prices

Canaan reported its second-quarter revenue at $31.9 million, down from $100.2 million in the same period last year and $62.7 million in Q1 of this year.

The decline was attributed to weaker Bitcoin prices, softer demand for mining machines, and seasonal power constraints.

Canaan's cryptocurrency treasury reached a record 1,915.5 BTC and 3,951.7 ETH by the end of the quarter.

The company mined 243 Bitcoins during the period and has a non-joint-venture installed mining computing power of 10.05 EH/s, up 23.3% year over year.