The Quarterly Earnings of Miner Maker Canaan Fell by 90% in Q3

Bitcoin miner maker Canaan posted a net profit of $8.6 million in the third quarter, which is 90% less than in the previous period.

The company also recorded a 74.8% drop in gross profit, which has declined from $130.9 million to $32.9 million.

Canaan sold miners with a total hashrate of 3.5 EH/s during the reporting period. The sales per capacity fell 37.1% quarter-on-quarter, with revenue of 978.2 million yuan ($137.5 million).

Nangeng Zhang, chairman and CEO of the firm, has said:

“The Bitcoin mining market deteriorated during the third quarter as the price of the cryptocurrency fluctuated and recently fell to about $16,000. The negative dynamics significantly hampered the cash flow and income of miners.”

According to him, this has forced Canaan to adjust the prices of already concluded contracts.