{"id":24330,"date":"2020-04-10T12:30:00","date_gmt":"2020-04-10T10:30:00","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=24330"},"modified":"2020-04-10T12:30:00","modified_gmt":"2020-04-10T10:30:00","slug":"canaan-creative-posts-148m-loss-for-2019-following-a-successful-nasdaq-listing","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/canaan-creative-posts-148m-loss-for-2019-following-a-successful-nasdaq-listing\/","title":{"rendered":"Canaan Creative Posts $148M Loss for 2019 Following a Successful NASDAQ Listing"},"content":{"rendered":"
Canaan Creative<\/a>, one of the leading manufacturers of bitcoin mining equipment has recently reported a net loss for the year 2019 amounting to $148 million.<\/p>\n The unaudited financial report<\/a> was filed this week with the Securities and Exchange Commission (SEC). Net revenues for the year were $204.3 million, which is a little over half of the revenues generated by the company the previous year.<\/p>\n In 2018, the company generated $384 million despite the market correction that lasted for the better part of 2018 and stretched into the first quarter of 2019.<\/p>\n The Hangzhou, China-based company performed impressively well in Q4 2019 as compared to the same period a year prior.<\/p>\n It will be remembered that Q4 2018 represented the worst market correction in the nascent cryptocurrency history earning the title \u2018Crypto Winter.\u201d<\/p>\n Between Q4 2019 and 2018, Canaan saw revenues increase by a considerable 67% in the former as opposed to the latter bringing the net figure to $66.5 million.<\/p>\n <\/p>\n The company attributed the gains to the increased hash rate contribution of its Avalon machines to the Bitcoin network in this period. According to the earnings<\/a> report, the company\u2019s customers contributed an extra 2.9 million TH\/s in the Q4 2019 which is about 88.6% increase from the same period in 2018.<\/p>\n Yearly contributions also increased by 47.1% from 7.2 million TH\/s in 2018 to 10.5 million TH\/s in 2019.<\/p>\n