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Canaan Reports $5.6M Loss in Q1 Despite Bitcoin Miner Price Cut

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China-based bitcoin miner manufacturer Canaan has reported a net loss of $5.6 million for Q1 2020, even though it had cut down the prices for its hardware by more than half in an effort to sell more machines.

In an earnings report released on Friday, the firm said it made $9.4 million in revenue for the first three months this year with a growth of 44.6% compared to the same period last year. But it also incurred R&D and sales expenses worth $5.9 million and $0.6 million, respectively – both larger than those in Q1 2019.

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