Canaan’s Q3 revenue dropped by 41% while gross profit dipped by 75%, but the company says it will continue to scale its R&D projects and mining operations.
Nano Labs was founded by Jianping and Sun Qifeng, former executives of Canaan, which currently produces HTC chips used in mining proof-of-work consensus digital currencies.
Canaan wants $14 million from China’s Highsharp, a chip developer which has partnered with AGM Holdings, the newest entrant in the ASIC market.
In its quarterly earnings report, Canaan said it sold 5.9 million terahashes per second (TH/s) of hashing power during the quarter representing a 126.9% Y/Y increase from 2.6 million TH/s.
The NASDAQ-listed blockchain mining hardware maker announced this week that it entered a purchase order agreement with Genesis Digital Assets Limited valued at up to $93.63 million.
Canada-based Hive Blockchain Technologies Ltd. announced it exceeded its ASIC capacity goal of 1,000 PH/s through the purchase of 6,400 Canaan AvalonMiner 1246 next-generation miners.
The hardware manufacturer designed the Avalon Immersion Cooling Miner A1066I to be noiseless and eco-friendly.
To enable the transition to block reward mining, the NASDAQ listed company signed a binding investment term sheet with several former board directors of ASIC hardware manufacturer Canaan.
The NASDAQ listed hardware manufacturer reported a net loss of $12.7 million in Q3 despite a BTC price jump during the same period.
Canaan Creative has reported a Q2 2020 net loss of $2.38 million, an improvement over the prior Q1's reported loss of $5.64 million loss.
U.S.-listed ASIC hardware manufacturer Canaan Creative reportedly removed four executives from its listing.