Mining rig manufacturer Canaan informs about decreasing net loss in Q2 2020

The result is getting better in comparison to the previous years

Bitcoin mining rig manufacturer Canaan issued his unaudited financial results report for Q2 this year

Despite the profit growth on a quarterly basis the company still encounters some losses and this loss has become specifically evident within recent 12 months.

The amount of computing power sold in its application specific integrated circuit (ASIC) hardware made 2.6 million THash/s. This is 200% higher in comparison to the amount of Q1 of 0.9 million THash/s, but is 18.2% lower in comparison to previous year.

The profit has been grown for 160% on last quarter, but had been decreased at RMB 178.1 million ($25.2 million).

However, gross profit of RMB 43.3 million ($6.1 million) has grown for 300% year on last year, and for 1,700% starting from Q1.

Such situation has been  going together with significant growth of total margin for the quarter to almost 25%. Just to compare the growth margin dropped for 3.5% based on the previous quarter results and for 4.5% in Q2 2019.

The total result of all is a net loss amounting to RMB16.8 million (2.4 million USD). This amount is lesser than the one announced in previous quarter of the last  year.

Canaan was the first mining rig manufacturer with successful IPO, in November 2019.

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