Bitcoin miner Canaan posts $88.7M net loss in Q1 amid BTC decline

Canaan posted a net loss of $88.7M in Q1 due to a decline in Bitcoin prices, with a $25 million inventory write-down and a 75% drop in equipment sales. The company's results were negatively impacted by the retreat of Bitcoin prices from their highs. Canaan's Q1 performance was significantly affected by the downturn in the cryptocurrency market.