Crypto Updates

Canaan Feels the Bitcoin Blues. Net Income Down 90%

CleanSpark Acquires Bitcoin Mining Machines to Expand Its Capacity

Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining hardware manufacturer, reported its quarterly numbers on Monday. During the three-month period that ended on 30 September 2022, the computing solutions provider achieved a revenue of $137.5 million, representing a decrease compared to the last quarter and the same period a year earlier.

The company’s revenues slumped more than 40% quarter-over-quarter (QoQ) and 26% year-over-year (YoY). The net income depreciation was even more acute and the numbers dropped 90% QoQ to $8.6 million.

The downturn is directly correlated to declining profitability in the mining industry, which translated into the sale of fewer bitcoin

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