Canaan Creative and Galaxy Digital both reported losses in the fourth quarter last week. On April 9, Chinese Bitcoin (BTC) miner maker Canaan reported a massive net loss of $114.7 million. For the full fiscal 2019, Canaan posted a net loss of $148.6 million on revenue of $204.3 million. Chief executive Nangeng Zhang blamed crypto price volatility for the weak sales. Looking ahead to the first quarter, Canaan sees revenue of over $8.5 million. Mike Novogratz's Galaxy Digital merchant bank also reported a net loss of $32.9 million, up from a $68 million net loss in the third quarter. The bank's trading segment saw most of the losses. Galaxy warned investors it will likely see "challenged and volatile asset price performance" and further losses ahead due to the COVID-19 crisis and secondary effects.

Here is the rest of the week in review:

Bitcoin SV (BSV) experienced its first ever block reward halving. On Friday morning, miners on the network produced the 630,000th block, which triggered the halving event to slash mining rewards from 12.5 BSV to 6.25 BSV per block. The halving of the block rewards made mining Bitcoin with older rigs unprofitable, and the same phenomenon may occur for Bitcoin SV, the network that forked from the Bitcoin Cash (BCH) blockchain in late 2018. The halving means the daily output for newly mined BSV is now around 900 units, which means the block rewards that miners can compete for totals about $200,000 a day at current prices. Bitcoin SV's halving event came just a day after the same milestone for Bitcoin Cash, which forked from the Bitcoin network in 2017. Following Bitcoin Cash's halving on Wednesday, the hash power on the network has plunged from around 3.5 exahashes per second to 2.5 EH/s.

Reddit is now experimenting with recording points and perks on a blockchain. According to a user post on the platform and confirmed by a company spokesperson, the social media giant is experimenting with "Community Points," a new system for subreddits that gives popular users extra benefits. According to the post, the site will publish a list of users and their karma points every four weeks, allow the community's users to suggest changes, and then sign off on the list, allowing users to claim Community Points. Reddit controls all karma, while the community points will be tokens stored with the Ethereum (ETH) ERC-20 standard and exist outside of Reddit's control. A Reddit spokesperson said the firm is indeed testing a feature that represents a user's involvement in the community.

Crypto prices rose slightly to $199.5 billion this week. For the majors, Tezos (XTZ), Ethereum, and EOS posted outsized gains, while Tether (USDT) edged down. In the top 100, the biggest losers were Swipe (SXP), down 14%, Steem (STEEM), down 10%, and Digitex Futures (DGTX), down 8%. The biggest gainers were Chainlink (LINK), up a whopping 48%, Bitcoin Gold (BTG), up 41%, and Seele (SEELE), up 37%. Next week traders will see if crypto can keep up a streak of gains and break through the key $200 billion level convincingly.

The author owns a small amount of BTC.