Canaan's Revenue Slides as it Continues to Monetize Crypto Holdings

Canaan Inc (NASDAQ:CAN) recently released its August bitcoin production and mining operations update, showing steady coin output and a large installed base of computing power.

The update comes after the company reported a steep year-over-year decline in revenue for the second quarter, with sales falling from a triple-digit million dollar sum to about thirty million.

Canaan monetized thousands of units of ether along with some bitcoin, raising a low double-digit million dollar sum in cash and using part of the proceeds for share buybacks in late August.