Revenue growth capture compared

Mining company Canaan Creative reported on reduction of losses in the second quarter

Canaan saw revenue growth compared to the previous quarter and the same period last year, but still remains unprofitable, albeit to a lesser extent. Net loss in the second quarter was $ 2.38 million, or 10 cents per share, while in the first quarter it was equal to $ 5.64 million, or 24 cents per share.

At the same time, revenues increased by 160% from $ 9.6 million to $ 25.2 million. The largest items of expenses were "general and administrative" - ​​they accounted for $ 4.19 million or 48% of all operating expenses of the company.

In the period under consideration, the company sold mining equipment with a cumulative hash rate of 2.6 million TH / s. In the first quarter, the value was 0.9 million TH / s, but last year it was 18.2% higher.Shares of Canaan on the background of the publication of reports rose by 15% to $ 2.29, as a result of which their capitalization amounted to $ 314 million. In general, they fell by 23% in August. In mid-June, shortly after the third bitcoin halving, a historic low was recorded for Canaan's stock price of $ 1.76. Since listing on the Nasdaq in November 2019, the drop has reached 85%.

As of June 30, the company had reserves in fiat currency and its equivalents of $ 22.2 million. The decrease compared to the end of the first quarter was 40%. The company explained the current dynamics by short-term investments.

“During the second quarter of 2020, the COVID-19 pandemic continued to affect people's lives. In addition, the halving of bitcoin has led to significant volatility in the cryptocurrency market, ”said Nangeng Zhang, Chairman and CEO of Canaan Creative, commenting on the results presented.

The company declined to announce its targets for the next quarter, citing the uncertainty in the global economic situation.

US Regulators Accuse $ 27M Fraud on 1st Million Pool Founders

Fraudsters attracted investors with promises of high income, which the "1st Million Pool" allegedly received from successful Forex trading and using cryptocurrencies. The founders of the pyramid told investors that they were taking their funds into trust. Interestingly, according to the SEC, the promised percentage of "profit without any risk" ranged from 6% to 42%, while the CFTC says about 30% profit per month. Of the $ 27 million raised, the founders of the scheme spent $ 7 million on their own purchases and needs, and the remaining $ 18 million was spent on the pyramid.

One of the accused, named Dennis Jali, posed as a pastor and millionaire who made his own fortune. He held meetings in a rented office and invited new members to the pyramid. Often the victims were “vulnerable African immigrants” who trusted the black pastor. Jali fled to South Africa last year, but was arrested there on charges of securities and money transfer fraud and money laundering.

Arthur Hayes spoke about investments in tokens of DeFi projects

In an article on his blog, Hayes wrote that he is investing small amounts of money in tokens of decentralized finance (DeFi) projects in order to catch the wave and gain new knowledge about this area. In his opinion, the risks of losing money are offset by new knowledge and new products. Hayes stated:

“I certainly expect to lose all the money I have 'invested' in any of these projects. But I like to believe that I can read the market sentiment and hit the peak of the token price. Of course, in reality, like most traders, I buy high, then hold, hold more, and hold again, and sell immediately after the peak. "

The BitMEX CEO believes that Yearn Finance (YFI), Aave (LEND) and Polkadot (DOT) are currently the best projects to invest in. As for bitcoin, Hayes expects strong growth of the first cryptocurrency towards the end of the year:

“Financial markets will be in chaos, as politicians try to stay at the trough as much as possible. And, unfortunately, this will lead to long-term consequences for the lives of people around the world. Because of this chaos, people will trust the authorities less and less and look for ways to protect their funds. I'm ready to buy gold and bitcoins. "

Back in September last year, Arthur Hayes expressed the opinion that if the US government prints new dollars, then we should expect the growth of bitcoin.

JPMorgan began negotiations to merge its Quorum division with ConsenSys back in February. ConsenSys management has explained that all corporate developments will be under the ConsenSys Quorum brand. At the same time, Quorum will continue to operate as an open source project, but will interact with other ConsenSys products.

These include the Codefi platform and various trading applications. As for JPMorgan, the bank will be able to take advantage of advanced ConsenSys options and tools used by Quorum.

“We have partnered with JPMorgan since before the first block in Ethereum and before ConsenSys. We are delighted that Quorum has joined the Ethereum-based ConsenSys system, ”said ConsenSys founder Joseph Lubin.

In turn, JPMorgan leadership has announced its readiness to invest in ConsenSys to help developers create next-generation networks and develop a more sustainable financial infrastructure. ConsenSys and JPMorgan did not disclose the terms of the deal. The Block previously reported that JPMorgan "is going to invest $ 20 million in ConsenSys as part of a $ 50 million funding round."