Canaan Reports Q1 Revenues of $62.7 Million, Net Loss of $87.7 Million

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According to Canaan Inc.'s Q1 earnings announcement on May 19, the bitcoin mining company reported Q1 revenues of $62.7 million, in line with prior guidance, and a net loss of $87.7 million. As of March 31, Canaan held 1,807.6 BTC and 3,951.53 ETH, with combined mining operations reaching 11 EH/s in installed capacity and producing 257 BTC during the quarter. The company also acquired a 49% stake in Cipher Mining's Texas ABC project, adding approximately 4.4 EH/s of operating capacity.
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