3 weeks ago
Bitcoin miner Canaan reported a nett nonaccomplishment of $88.7 cardinal for the archetypal 4th of 2026, arsenic falling Bitcoin (BTC) prices squeezed margins and triggered a important inventory write-down.
The institution posted full gross of $62.7 cardinal for the 4th ending March 31, a crisp diminution from the $196.3 cardinal it recorded successful the erstwhile quarter, according to a Tuesday property release.
Industrial mining instrumentality remained the company’s superior gross operator astatine $39.6 million, though income tumbled 75% from the anterior quarter. Self-mining contributed $19.1 million, portion the location mining conception brought successful $2.7 million, a class that much than doubled year-on-year.
Source: Canaan
“Although mean Bitcoin prices and hashprice declined importantly quarter-over-quarter, our bitcoin accumulation experienced a comparatively smaller decrease, reflecting the resilience of our mining operations and continued hashrate deployment,” Jin (James) Cheng, main fiscal serviceman of Canaan, said.
A $25 cardinal inventory write-down weighed connected the quarter’s gross nonaccomplishment of $23 million, portion nonaccomplishment from operations reached $54.3 million.
Canaan’s self-mining hashrate surges 66%
Canaan expanded its self-mining footprint to 11 exahashes per 2nd of installed computing power, a 66% leap from a twelvemonth earlier. The institution held 1,808 Bitcoin connected its equilibrium expanse arsenic of March 31, valued astatine astir $121 million.
In the quarter, Canaan besides completed the acquisition of Cipher Mining’s 49% involvement successful 3 West Texas associated task projects totaling astir 4.4 EH/s successful hashrate capableness and 120 megawatts of power. The deal, closed done a stock issuance alternatively than cash, gives Canaan entree to powerfulness rates beneath 3 cents per kilowatt-hour connected the ERCOT grid.
Looking ahead, Canaan guided Q2 revenues betwixt $35 cardinal and $45 million, a further sequential decline.
Canaan shares closed down 3.54% astatine $0.4827 connected Monday, shedding a further 7.71% successful pre-market trading to $0.4455, according to Yahoo Finance.
Related: Hut 8 refinances Bitcoin-backed indebtedness with $200M FalconX deal
Major miners study losses successful Q1
Across the sector, large miners including Riot Platforms, Core Scientific, CleanSpark and TeraWulf each reported widening losses successful Q1. MARA topped the radical with a $1.3 billion nett loss, astir $1 cardinal of it tied to non-cash mark-to-market adjustments connected its Bitcoin holdings.
As mining margins compress, a increasing fig of miners are pivoting toward AI and high-performance computing arsenic an alternate gross stream. On Monday, HIVE Digital Technologies announced plans to build a 320-megawatt AI information halfway field adjacent Toronto, susceptible of supporting much than 100,000 GPUs astatine afloat build-out.
Magazine: Guide to the apical and emerging planetary crypto hubs — Mid-2026
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