Currency Economy

Canaan reports $33M net loss for 2020 despite bullish Bitcoin price action

Cryptocurrency (Apr 12, 2021 10:40AM ET)Canaan reports $33M net loss for 2020 despite bullish Bitcoin price actionCanaan reports $33M net loss for 2020 despite bullish Bitcoin price action

Bitcoin’s bullish 2020 closeout was not enough to prevent Canaan from incurring a net loss in 2020.

According to the company’s unaudited financial report for Q4 2020, the Bitcoin (BTC) miner maker’s net loss for 2020 was about $33 million. However, Canaan’s 2020 net loss is significantly lower than the $148 million recorded in 2019.

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