Canaan sells the machines that mine Bitcoin. Their sales just fell 96%.
Q3 hardware revenue: $4.8M vs $118.6M a year ago (CoinDesk). So it's now selling some crypto to fund a $20M stock buyback, while 1,258 of its 1,875.5 $BTC sit pledged against loans.
Miners funding themselves by selling coins is a pattern after MARA. Does it pressure supply or just show how thin the margins are?
#Bitcoin #Mining
Disclosure: Write to Earn may pay me a commission on cashtag trades.
Q3 hardware revenue: $4.8M vs $118.6M a year ago (CoinDesk). So it's now selling some crypto to fund a $20M stock buyback, while 1,258 of its 1,875.5 $BTC sit pledged against loans.
Miners funding themselves by selling coins is a pattern after MARA. Does it pressure supply or just show how thin the margins are?
#Bitcoin #Mining
Disclosure: Write to Earn may pay me a commission on cashtag trades.