Canaan Feels the Bitcoin Blues. Net Income Down 90%

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
Bitcoin

While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world. No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology. In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Bitcoin has now a global brand because of how everyone recognizes it even if they don’t really know what it is.Added to that, Bitcoin also has the largest market cap and liquidity pool which is why many find it to be the most attractive coin out there. Bitcoin summed up·      Bitcoin is a decentralized digital currency operating with no type of central control nor oversight from banks or governments, relying solely on its cryptography and peer-to-peer software.·      A public ledger keeps track of all transactions by recording them. Copies are then held around the world on servers called nodes (which anyone can set up) and consensus is thus achieved on the state of the network.·      Every single transaction is broadcasted publicly to the network and then shared between nodes. Miners lump these together into groups called blocks and add them permanently to the blockchain, Bitcoin’s definitive account book.·      May 22 is known as the…