According to Foresight News, Canaan Inc. has released its unaudited financial results for the three months ending June 30, 2024. The company reported a revenue of $71.9 million, exceeding the previous forecast of $70 million and marking a 104.8% increase from the previous quarter. Mining revenue for the second quarter stood at $9.3 million, compared to $10.5 million in the first quarter of 2024 and $15.9 million in the same period of 2023. The decline in mining revenue both quarter-over-quarter and year-over-year is attributed to the reduced number of Bitcoins mined post-halving. By the end of the second quarter, Canaan held 1,114.2 Bitcoins, reaching an all-time high.