Canaan posts $88.7M net loss in Q1

Bitcoin mining firm Canaan recorded a net loss of $88.7 million in the first quarter, The Block reported. The company's revenue for the quarter was $62.7 million, which aligned with market guidance but represented a decrease of 68.1% from the previous quarter and 24.3% from the same period last year. Canaan attributed the weak performance to a decline in computing power and a drop in the average price of BTC.