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Bitcoin miner Canaan scales operations despite low earnings, CEO says
Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted. Apart from scaling worldwide, Canaan has been working on new mining solutions this year. Canaan did not immediately respond to Cointelegraph’s request for comment. Related: Bitcoin miners ‘next trigger’ for BTC price crash as outflows hit multi-month highs “The launch of the new generation product reaffirms our confidence in the fundamental value of the Bitcoin ecosystem and reflects our constant efforts in the research and development of supercomputing technology,” Zhang stated. Source - Coin Telegraph #bitcoin
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