Canaan sold all 3,952 ETH and 54 BTC for about $13.9 million in late August, using about $5.4 million to repurchase 13.6 million American depositary shares. Q2 product revenue fell to $13.6 million from $71.9 million a year earlier.
The article says the transactions and a Canadian greenhouse project may cushion the slowdown but do not fully offset the product-revenue decline. It attributes weaker product sales to lower mining-equipment demand amid low bitcoin prices and reduced average selling prices; mining revenue also fell to $17.7 million from $28.1 million a year earlier.
Canaan had repurchased 16.4 million ADSs since the start of the year. At August’s end, it held 1,868 BTC; it mined 44 BTC that month, with installed hashrate of 10.05 EH/s outside joint ventures and 4.92 EH/s in joint ventures. Equipment installation was underway at its Canadian heat-recovery greenhouse ahead of winter.
