This Bitcoin mining company’s stock is in free fall following Q3 loss
The third quarter was tough for mining rig manufacturers as the impact of COVID-19 continued to weigh heavily on the space. The stock of one of China’s "Big Three" mining firms is in free fall Monday after reporting another quarterly loss, underscoring the operating challenges imposed by COVID-19.Canaan Creative, which manufactures mining rigs, released its third-quarter financial results Monday. The company posted a net loss of $12.7 million, or 54 cents per share, on revenues of $24 million. Although quarterly revenues grew 5%, the company’s net losses more than quadrupled. Quanfu Hong,....
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Mining hardware manufacturer Canaan Creative reported a Q3 net loss that is more than quadruple its Q2 loss.
The Bitcoin miner manufacturer recorded saw its year-on-year revenue tumble amid supply chain disruptions and a global chip shortage. Bitcoin’s bullish 2020 closeout was not enough to prevent Canaan from incurring a net loss in 2020.According to the company’s unaudited financial report for Q4 2020, the Bitcoin (BTC) miner maker’s net loss for 2020 was about $33 million. However, Canaan’s 2020 net loss is significantly lower than the $148 million recorded in 2019.Indeed, the reduction in net loss for Canaan was a common theme across the company’s quarterly performance in 2020. As previously....
Bitcoin mining stocks have not fared the best in recent times. Although they were one of the winners of 2021, their fall from grace had been even more rapid than their climb there in the first place. While the digital asset itself was recording losses such as 20%, mining stocks had taken it a step […]
Bloomberg reported that crypto mining companies’ stocks continued to fall on Monday, following the stock market’s trend on the New York Stock Exchange. The Federal Reserve’s tightening of monetary policy is causing people to worry about the economy, which might lead America into a recession. The fear has hit the crypto market hard. Related Reading […]