“The bitcoin mining market deteriorated during the third quarter, as the bitcoin price fluctuated and further dipped to around sixteen thousand dollars recently,” CEO Nangeng Zhang said in the statement. “The negative market dynamics have significantly hindered bitcoin miners’ revenues and cash flows. As miners are forced to cut their demand for computing power, we had to adjust down our selling price in response.”
Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines
