Miner maker Canaan reports $12M Q3 loss despite bitcoin price jump

Hangzhou-based bitcoin miner maker Canaan has reported a net loss of $12.7 million in Q3 despite bitcoin's price jump during the same period.

The company released an unaudited financial report on November 30. Canaan made $24 million in net revenues in Q3 this year, which represents a 75.7% decline compared to $100 million in the same period last year.

As a result of the sharp revenue drop, the firm has incurred a net loss of $12.7 million, compared to a net income of $14 million year-on-year and a narrowed net loss of $2.3 million in Q2 2020.

The increased net loss quarter-over-quarter came despite that bitcoin's price had jumped by as much as 30% during Q3.

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