Canaan’s Q2 Revenue is Up 33.7% to $73.9 million!

The post Canaan’s Q2 Revenue is Up 33.7% to $73.9 million! appeared first on Coinpedia Fintech News

Canaan, a leading manufacturer of Bitcoin mining machines, has noted a 33.7% increase in revenue for Q2 2021 compared to the previous quarter. The company generated $73.9 million in total revenue while holding 1125 bitcoins. However, the cost of the company was US$143.9 million, which may raise concerns about the company’s expenses. Despite this, Canaan remains optimistic about its future performance, as the firm expects to pull in US$30 million in revenue for Q3. This news reflects the growing demand for Bitcoin mining machines as more companies invest in cryptocurrency.