Net loss of mining giant Canaan in the I quarter amounted to $ 5.6 million

Chinese miner manufacturer Canaan presented financial statements, according to which the net losscompanies in the I quarter of 2020 amounted to $ 5.6 million.

Canaan revenue compared to similarlast year increased by 44.6%, but the figure does not even exceed $ 10 million. This is much less than in the fourth quarter of 2019 (then the company's revenue amounted to $ 66.5 million). The company's net loss last year was $ 114.6 million.

According to BTCKING555, Canaan's so inconspicuous financial performance is explained by the fact that "no one wants to buy obsolete equipment."

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He added that low sales and over-supply of unclaimed A1066 devices are depleting the resources of a company that will soon need additional capitalization.

The chart below shows that since the IPO, Canaan Creative shares have more than halved:

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According to the F2Pool calculator, currentlyAt present, the most cost-effective miners for the SHA-256 algorithm are produced by Bitmain and MicroBT. Canaan's Avalon devices are significantly inferior in performance.

Recall, shortly after the third halving, the bitcoin hash rate fell by 16%, and the income of miners decreased by 44%.