North American customers contributed 31% of total revenue in Q3, signaling strong demand recovery in that market.
Bitcoin News
Bitcoin mining hardware manufacturer Canaan reported third-quarter revenues jumped 104% year-over-year to $150.5 million on Tuesday, driven by substantial new order volume. Mining equipment sales accounted for $118.6 million of total revenues.
Chief Financial Officer James Jin Cheng said U.S. clients began actively placing sizable and repeating orders during the quarter. North American customers contributed 31% of total revenue in Q3, signaling strong demand recovery in that market.
Canaan shares closed trading on Tuesday up nearly 21% to $1.03, with gains extending by nearly 2% after hours to $1.05. The stock remains down nearly 50% this year as many Bitcoin miners pivoted to powering artificial intelligence due to increased mining costs and difficulty.
The company generated $30 million in mining revenue over Q3, up 241% year-over-year, while reporting a net loss of $27 million compared to $75 million a year prior. Canaan mined 267 Bitcoin at an average revenue of $114,485 per coin.
Multiple miners reported strong earnings recently, with HIVE Digital posting a 285% earnings increase on Monday. BitFuFu doubled its third-quarter revenue based on demand for cloud mining and equipment as miners capitalized on rising Bitcoin prices.
CEO Nangeng Zhang told investors that some miners facing balance sheet pressure are shifting toward AI, reducing mining operations over the medium term. However, he believes Bitcoin mining remains viable during this transition period since AI infrastructure deployment takes time.
Zhang emphasized that deploying more Bitcoin miners represents the best way to allocate energy and generate revenues today rather than waiting years for AI facilities to become operational. Canaan increased its Bitcoin holdings to 1,610 coins by the end of October while customers explore building AI-ready mining facilities for the future.
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