Canaan Creative, the Chinese bitcoin mining manufacturer, has put out the numbers to disclose its declining profitability since 2017. The firm has stated that in 2019, it made a net loss of $148.6 million.

The company released today its earning reports. Canaan Creative notes that it sold computing power totalling 10.5 rehashed per second. A figure which roughly means it contributed to almost 20% of the growth bitcoin's computing power experienced last year. Canaan Creative's share price has declined ever since its $90 million IPO and currently holds shares,61% below it's offering price, at $3.5.

The company in the first three quarters experienced gradual losses which accumulated to a total of $31.2 million net loss. However, in the q4, a drastic loss of $114.7 million was registered.
<h2>Bitcoin's Volatility to be Blamed For Canaan Creative's Crisis</h2>
The firm's CEO and founder, Nangeng Zhang is blaming the bitcoin' volatility for this predicament as he notes that during October and November there was an uptick in sales. However, what followed was a considerable drop in December amidst bitcoin's extreme volatility.

He further added "That the commercial activities and the commercial areas have been hit massively by the coronavirus outbreak and given that they have severely lowered their expectation for this year, especially for the first quarter, the company is keeping the revenue expectation low.

There are more testing times for Canaan Creative firm given one of its investors filed a lawsuit against it, stating that the company is not working in line with the U.S securities law and stated that it is misleading its investors by manipulating financial data and it's operations.

The impact of the coronavirus has hit the crypto firms pretty hard, especially the ones which were already struggling and were down in the dumps. Canaan Creative was trying to get back on its feet has fallen flat on its five given the pandemic which has caused unprecedented damage.

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Canaan Creative Disclosed a Net Loss of $148.6 Million for 2019

Chinese bitcoin miner manufacturer Canaan Creative suffered a net loss of $148.6 million for 2019,citing bitcoin's volatility as a reason.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Canaan Creative Disclosed a Net Loss of $148.6 Million for 2019

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