Canaan became the first Chinese Hangzhou-headquartered supercomputing company to become publicly traded in New York in November 2019 and raised USD 90 million. The company posted strong revenue growth for the first quarter despite challenges from the Covid-19 outbreak. Canaan said it has recently developed a SaaS product (Software as a service) which its partners can use to build and operate a cloud mining platform. Cloud mining allows users to mine digital currency without having to buy and maintain mining hardware and spend on electricity a trend that has been gaining popularity. This also puts the company in a great position against its competitors. Nangeng Zhang, the chief executive officer of Canaan, said: We also lowered the barrier for consumers to enter the Bitcoin mining space through a series of SaaS solutions designed to help our clients reduce the costs of maintaining our mining machines Mr. Quanfu Hong, Chief Financial Officer of Canaan stated: Despite facing increasing macroeconomic uncertainties, we carried through our growth momentum to deliver better-than-expected financial results for the first quarter of 2020. Our total net revenues in the first quarter grew by 44.6% year over year to RMB68.3 million, driven by increases in total computing power sold and the average selling price per Thash in the period. Highlights from the report Total computing power sold increased by 18.4% to 0.9 million Thash/s from 0.7 million Thash/s in the same period of 2019. Total net revenues increased by 44.6% to RMB68.3 million (US$9.6 million) from RMB47.2 million in the same period of 2019. Gross profit increased by 417.0% to RMB2.4 million (US$0.3 million) from RMB0.5 million in the same period of 2019, while gross margin expanded to 3.5% from 1.0% in the same period of 2019. Net loss narrowed to RMB39.9 million (US$5.6 million) from RMB67.9 million in the same period of 2019. Non-GAAP adjusted net loss was RMB38.2 million (US$5.4 million) compared to RMB63.9 million in the same period of 2019. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next USD/MXN resumes slide and hits fresh two-months lows at 22.70 FX Street 3 years Canaan became the first Chinese Hangzhou-headquartered supercomputing company to become publicly traded in New York in November 2019 and raised USD 90 million. The company posted strong revenue growth for the first quarter despite challenges from the Covid-19 outbreak. Canaan said it has recently developed a SaaS product (Software as a service) which its partners can use to build and operate a cloud mining platform. Cloud mining allows users to mine digital currency without having to buy and maintain mining hardware and spend on electricity a trend that has been gaining popularity. This also puts the company in a great position against… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
