Cryptomining giant Canaan Creative has an annual turnover of nearly $ 100 million this year. Nevertheless, it is $ 31 million in the red.
According to the statement made by the company at the Securities and Exchange Commission (SEC), the US watchdog for trading platforms and stock exchanges, net sales in the last quarter were $ 13 million. This assignment is part of the attempt from Canaan to set up an initial public offering (IPO).
Canaan is in the red for 2019
Despite the positive figures that Canaan shows, the first months of this year, in particular, were disappointing. Although more than 134 million dollars were converted together, the company eventually announced a net loss of 31 million.
Canaan is in an advanced process to get formal permission to set up a public offering. Previous attempts to set up an IPO in Hong Kong and China failed miserably because of legal preconditions. Bitmain, one of Canaan’s biggest competitors, has also unsuccessfully made some attempts to launch an IPO.
Canaan did considerably better in 2018, when it achieved a total profit of $ 17 million, with sales approaching $ 400 million.
Bitcoin hash rate remains healthy
A popular theory is that if the hash rate increases, this will automatically have a favorable effect on Bitcoin’s price in the long term. That would be good news for HODLers since Bitcoin’s hash rate shows a stable upward trend over the past period.
The industry is therefore positive about the future perspective and every month more and more computer power is used to continue to validate and strengthen the Bitcoin network. Currently, Bitcoin’s hash rate stands at 90 quintillion hashes per second.