According to CryptoPotato, Nasdaq-listed Bitcoin mining firm Canaan reported a total revenue of $73.9 million in Q2 2023, up from $55.2 million in the previous quarter. The revenue consisted of $57.9 million in product revenue and $15.9 million from Bitcoin mining operations. Canaan's growth coincided with its expansion into new mining projects in Africa and South America.

Canaan's unaudited financial results for the three months ended June 30, 2023, showed that its mining revenue amounted to $15.9 million, a 43.3% increase from the $11.1 million recorded in Q1 2023 and a 105.1% rise from the $7.8 million in the same period last year. Canaan's Chairman and CEO, Nangeng Zhang, commented on the company's ability to navigate challenges in Q2 2023 and exceed topline guidance.

Despite a net loss of $110.7 million, Canaan's product sales increased by 31.3% quarter over quarter, driven by jumps in total computing power sold. The company's mining operations also displayed growth, leading to a 115% sequential increase in cryptocurrency assets on its balance sheet, including 747 bitcoins owned by the company.

Canaan's year-over-year revenue experienced a significant downturn in 2022 due to the crypto winter and the fall of several prominent crypto firms, resulting in a revenue of $56.8 million, an 82% drop. Meanwhile, Bitcoin's price remains below $26k, but its hash rate and difficulty levels are near fresh peaks, reflecting miners' confidence.