⛏️ Canaan's Q3 revenue plunges 90% as miner sales dry up
Bitcoin mining hardware maker Canaan reported Q3 revenue of $14.5 million, down 90% from $150.5 million a year earlier. Mining equipment sales brought in just $4.8 million, down 96%, on lower volumes and weaker selling prices.
Canaan still posted $8 million in net income thanks to a $20.1 million fair-value gain on its crypto holdings and $31.9 million on derivatives, while its operating loss widened to $42.9 million. The company also announced a $20 million share buyback.
⭐ Collapsing ASIC demand shows how squeezed miners are cutting spending on new rigs, a warning sign for hashrate growth and for hardware makers' core business.
#Bitcoin #BTC #Mining #Canaan
Bitcoin mining hardware maker Canaan reported Q3 revenue of $14.5 million, down 90% from $150.5 million a year earlier. Mining equipment sales brought in just $4.8 million, down 96%, on lower volumes and weaker selling prices.
Canaan still posted $8 million in net income thanks to a $20.1 million fair-value gain on its crypto holdings and $31.9 million on derivatives, while its operating loss widened to $42.9 million. The company also announced a $20 million share buyback.
⭐ Collapsing ASIC demand shows how squeezed miners are cutting spending on new rigs, a warning sign for hashrate growth and for hardware makers' core business.
#Bitcoin #BTC #Mining #Canaan
