Canaan Q2: Record Mining Revenue and Growing BTC Hoard — Strong Buy
I view Canaan's Q2 as a clear operational inflection: total revenue reached $100.2M (+39.5% y/y) and mining revenue hit a record $28.1M (+201.6%), with 284 BTC mined and average realized revenue of $98,866 per BTC.
Gross profit turned positive at $9.3M versus a year-ago loss, and the bitcoin reserve rose to 1,483.5 BTC (projected 1,511 BTC by end-July), showing disciplined accumulation and improving unit economics.
I remain constructive but cautious — the upside depends on sustained hashprice and BTC price, while mining hardware cycles and regulatory or macro volatility are key risks.
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Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.