- Canaan Creative reports net loss of $5.6 million for Q1 2020.
- Losses are down from $9.5 million in Q1 2019.
China-based Bitcoin ASIC manufacture Canaan Creative, has reported a net loss of $5.6 million for Q1 2020.
Despite the substantial loss in Q1 2020, Canaan Creative, is doing far better than it did last year when the company reported a $9.5 million loss for Q1 2019.
The performance this year is a result of Q1 2020 revenues increasing by 44.6% compared to Q1 2019. As reported earlier by The Crypto Associate, Canaan Creative devices currently account for about 16% of all SHA-256 mining devices, while Bitmain only accounts for 27%.
Furthermore, Canaan Creative completed its IPO in November last year, raising $90 million. However, the company has been performing less than stellar since its IPO. Shares of the company are now trading below $4, over a 50% decrease from the $9 IPO share price.
Ebang Filles for $100 Million IPO
Despite witnessing Canaan Creative’s IPO, Ebang, another Bitcoin ASIC manufacture, recently filed for a $100 million IPO, as reported by The Crypto Associate.
Both miner manufactures have seen a direct impact due to the decline in Bitcoin mining hardware purchases. Ebang saw a net loss of over 42 million in 2019, down a further 36 million from 2018. Similarly, Canaan Creative reported a $114.7 million loss in 2019, down from a net income of 17.1 million from 2018. Despite the huge losses in the mining industry, the outlook for the Bitcoin mining landscape still looks positive.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer