Key Takeaways:

• Canaan's revenue fell 36% year-on-year in the first quarter even as the prices of bitcoin and other cryptocurrencies skyrocketed
• Demand for the company's mining machines waned as a sharp drop in the amount of new bitcoin being created substantially curtailed the profitability of crypto mining

By Warren Yang

In the crypto universe, it appears that one man's fortune is sometimes another's misfortune.

Bitcoin and other digital currencies may be back on a bull run, with prices for the digital currency roughly doubling in the last six months. But that doesn't mean that...