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 <p class="is-style-lead">Canaan reports significant <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> loss in Q3 2023 but reflects a resilient year-on-year performance.</p>
 <p>Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> solution provider Canaan has reported a total <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a> of $33.3 million and a net loss of $80.1 million for Q3 2023. The <a rel="noopener noreferrer nofollow" title="revenue" href="https://thebittimes.com/tag/revenue.html">revenue</a>, primarily from the sale of 3.8 million Thash per second of computing power, represents a year-over-year increase of 8.6% despite a decrease from previous quarters.</p>
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    <p lang="es" dir="ltr">.@canaanio Reports 48% Decline in Q3 #Bitcoin Miner Sales$CAN #BitcoinMining https://t.co/GSmM25fn0D</p>— TheMinerMag (@TheMinerMag_) November 28, 2023
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 <p>A significant development in the quarter was the launch and pre-sales of the new A14 product series, characterized by high computing power and energy efficiency. This release has been well received, indicating growing customer interest. However, the company faced increased pricing competition.</p>
 <p>Canaan also obtained a Type II license for Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> in Kazakhstan, following new digital <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> regulations. The company had temporarily shut down some of its <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> power in Kazakhstan for legal compliance, but is now set to resume operations, aligning with its strategy to diversify its global <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> portfolio.</p>
 <p>Bitcoin <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> activities have intensified, with the latest Bitcoin halving on the horizon. Recently, BTC <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> difficulty has reached a record high and several leading <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> firms have also secured key investments. The halving season traditionally intensifies <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> operations due to reduced Bitcoin rewards, and we’ve seen similar trends in recent months.&nbsp;</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/canaan-s-q3-bitcoin-mining-revenue-declines-by-nearly-80-tbt71940.html">https://thebittimes.com/canaan-s-q3-bitcoin-mining-revenue-declines-by-nearly-80-tbt71940.html</a></p>

Canaan’s Q3 Bitcoin mining revenue declines by nearly 80%

TheBitTimes

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