As the Bitcoin bull market continues its surge, leading Bitcoin ASIC manufacturer Canaan Inc. reported Q4 2023 earnings on February 27. The report unveils a challenging landscape for the company amidst lukewarm demand for ASIC miners and servers.

Canaan Inc. Q4 2023 Results

The report showcased a 16% decrease in revenue to $49 million in Q4 2023 compared to the same period last year, with a widening net loss of $139 million. In particular, Canaan recorded $3.7 million in mining revenue, stating:

“Mining revenue was $3.7 million, representing an increase of 13.6% from $3.3 million in the third quarter of 2023 and a decrease of 65.5% from $10.7 million in the same period of…

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