Canaan Inc. (NASDAQ: CAN), one of the leading Bitcoin mining companies, has reported its unaudited financial results for Q2, 2023. The company saw its total revenue rise to $73.9 million, a 33.7% increase compared to Q1, 2023. Revenue from BTC mining also jumped 43.3% quarter-on-quarter, from $11.1 million to $15.9 million.Canaan CEO Nangeng Zhang commented on the financial results, saying that the company had “navigated the challenges in the second quarter of 2023, surpassing our topline guidance to achieve $73.9 million in revenue.” He added that the company’s efforts to drive sales across various fronts, including major clients, channels, and retail, had yielded encouraging results, propelling its total computing power sold to 6.1EH/s, up 44% sequentially.CFO James Jin Cheng also noted that the company had observed improvement in both its sales and mining activities, which had contributed to its better-than-expected revenue performance. Despite a decrease in average selling price, product sales had grown by 31.3% quarter over quarter.As of June 30, 2023, Canaan held 1,125 bitcoins worth $28.8 million. The company owned 747 of these bitcoins, while 378 BTC was from customer deposits. Impairment on the crypto in Q2 was $2.4 million, compared to $0 in Q1 and $4.5 million in Q2, 2022.

This News Article was automatically generated by Bob the Bot(AI)

Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	James Jin Cheng, Nangeng Zhang
Companies	Africa, press release, 2023, Canaan Inc., BTC, South America, Bitcoin, June 30, NASDAQ, Thash/s
Currencies	Ethereum, can, nasdaq, Bitcoin, US Dollar
Securities	None