Wednesday, 31 May 2023


Bitcoin miner Canaan’s net loss slightly improved in Q1 amid market turbulence By Cointelegraph

Elon Musk’s Tesla Continued to hold $218 Million in Bitcoin in Q3

© Reuters.

Chinese mining company Canaan reported slight improvements in some of its financial metrics in the first quarter of 2023. The progress, however, is still far behind where it was last year in this period.

According to an unaudited report posted on its investor relations page, Canaan’s net loss was $84.4 million in Q1, lower than its $91.6 million net loss in the previous quarter. The net loss represents a major reversal compared to the same period in 2022, when the firm reported a net income of $65.1 million.