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Bitcoin Mining Giant Canaan Reports 417% Increase in Gross Profit

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Bitcoin mining hardware manufacturer Canaan has recorded a net loss of $5.6 million in Q1 2020, despite seeing a huge increase in profits. According to the company’s newly released financial report, its gross profit increased by 417% from Q1 2019, while total net revenues increased by 44%. 

Unaudited Report Shows Canaan Suffered Huge Losses in Q1

According to an earnings report released earlier today, mining hardware manufacturer Canaan has recorded a $5.6 million loss in the first fiscal quarter of the year. The financial results published by the company end with Mar. 31 and include both operating ...

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