Canaan’s stock surged nearly 16% after reporting a Q3 revenue increase of 104% year-over-year, totaling $150.5 million. Despite this success, the company faced a net loss of $27.7 million, improved from the previous year’s higher loss, due to changes in preferred shares.
Bitcoin fell below $90,000, reaching a seven-month low amidst market downturns influenced by movements from Mt. Gox. Despite these challenges, Canaan managed to mine 267 Bitcoin in the quarter, maintaining investor interest amidst a volatile market.
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