Shares of mining giant Canaan hit historic lows

by in Cryptocurrency News

canaasn shares lows

Shares of the mining giant Canaan on the Nasdaq exchange have updated their historical low, closing below $2 on Monday, June 15th. This is evidenced by Yahoo Finance.

Related: Canaan reported a net loss of $148 million for 2019

On this day, the stock fell to $1.98, losing 3.9% during the trading session. Thus, since November last year, Canaan quotes fell 78% from a maximum of $8.9.

According to the company’s report, the net loss reached $5.6 million in the first quarter. Then the head of Canaan explained the loss by the fact that the outbreak of COVID-19 disrupted logistics in China, depriving them of the ability to deliver miners to customers.

Co-founder of Bibox Bitcoin exchange Aries Wang believes that Canaan problems can be caused by earlier events.