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Canaan Reports 90% Drop in Q3 Revenue Amid Bitcoin Hardware Slump · Cyprus Report

Business · World

Canaan Reports 90% Drop in Q3 Revenue Amid Bitcoin Hardware Slump

1 sourceFirst reported 5 days agoUpdated 5 days ago

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Canaan reported a 90% decline in third-quarter revenue, dropping to $14.5 million.
The significant drop in revenue was primarily driven by a slump in bitcoin mining hardware sales.
Despite the decrease in revenue, the company posted an $8 million profit supported by cryptocurrency and derivatives gains.

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Canaan’s Q3 revenue plunges 90% to $14.5 million as bitcoin mining hardware sales slumpThe Block · 5 days ago

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AI summary: catch up in 20 seconds

Canaan reported a 90% decline in third-quarter revenue, dropping to $14.5 million.
The significant drop in revenue was primarily driven by a slump in bitcoin mining hardware sales.
Despite the decrease in revenue, the company posted an $8 million profit supported by cryptocurrency and derivatives gains.

Generated by AI from the 1 sources below · always verify with the originals