Historic Bitcoin mining revenue fails to offset Canaan Q2 financial loss

Bitcoin (BTC) miner Canaan‘s second-quarter financial report showed that the firm operated at a loss during the reporting period despite its increasing mining revenue and computing power.

Per the unaudited financial report, the miner generated a total revenue of $73.9 million, while its “cost of revenues” were $143.9 million, resulting in a gross loss of $70.1 million. The firm had recorded a gross loss of $47.5 million during the first quarter.