Bitcoin mining firm Canaan announced a net loss of $ 12.7 million. Moreover, this loss of Canaan happened despite the price increase in Bitcoin.
Mining company Canaan posted losses in the third quarter
Canaan, known all over the world for bitcoin mining, published it in its third quarter report. Surprisingly, Canaan announced a loss while anticipating an increase in revenues with the price increase in Bitcoin.
In the financial report dated November 30, 2020, the loss was reported, despite a 30 percent rise in the bitcoin price. While the loss of the company in this period was $ 12.7 million, this situation was directly reflected in the processing power.
While 3.7 million TH / h of computing power was purchased in the same period of 2019, it decreased to 2.9 million TH / s in the same period of 2020 with a 20 percent decrease.
While the crypto money market has been happy with its investors in recent days, this situation has not reflected directly on mining activities. However, Canaan’s financial investments have a share in this loss. Mobility in the markets can bring a successful 2021 year.