Sell Canaan: One of the unprofitable businesses that the company has gone through is Bitcoins
There is a short summary of what Sell Canaan has gone through when they started their business in the field of Bitcoins. Here are some of the basic points like lone stock at https://www.webull.com/newslist/nasdaq-lone that should be looked at to know about the problems faced by them.
- In the case of Bitcoins, at the starting stage, the company should have the endeavor to lose money and after that, they start getting some earning from that but in the case of Canaan, the company started losing their mining machines.
- The miners that were bought by the company in the name of new mining seem to be less effective than the old miners and the main reason behind it seems to be like the competitions and the less efficiency of workers.
- Because of decrement in the mining of bitcoins, there is a direct impact that will lead to the workers. Because of it, the wages of the workers were decreased and even in a study, it is found that the current wages given to the workers are slightly half than the wages that were given to the old workers.
- This is the only reason why CAN is trying to shift from this industry and turning itself to some other businesses like AI chips manufacturing and many others. This is the reason why this company seems to be considered a failure in the bitcoins mining industry.
- Some of the expected losses that are being faced by the CAN are about 850 million dollars and this is one of the greatest losses that are being faced by the company. Somewhere it is also rumored that theism news is fake and the total revenue of the company is between 100 million dealers to 200 million dollars. However, the main point is that the company faces heavy loss and this is the only reason why they are considered in the list of failures.
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