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Bitcoin miner Canaan scales operations despite low earnings, CEO says

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When there’s a bear market, it’s time to build. Chinese crypto mining firm Canaan will continue to expand operations despite the ongoing market downturn and an associated drop in earnings. (Reporting via coindanslecoin)

due to the crypto winter, Canaan’s mining devices have also experienced a significant decline in demand. According to the latest financials, Canaan sold a total 3.5 million terahashes per second of computing power in Q3, or 37% less than in the previous quarter.

“As part of our ongoing effort to strengthen our research and development capabilities, we are expanding our Singapore headquarters with promising local research and development talents to help support our business on a global scale,” Zhang noted.that Canaan has been expanding its mining business in the United States this year, adding:

 

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