Canaan’s quarterly revenue sinks as mining equipment demand weakens
Canaan reported a 90% quarterly revenue decline, while cryptocurrency and derivatives gains preserved an $8 million profit.
Canaan reported a 90% quarterly revenue decline, while cryptocurrency and derivatives gains preserved an $8 million profit. Bitcoin (BTC) is trading at ₹68,57,582 ($73,008.00), down 0.3% since this brief published. This is an original Token Times brief based on reporting by The Block, with live market data added, as of Tue, 10 Nov 2026 16:45:01 UTC.
The sharp contraction shows how quickly demand for bitcoin mining hardware can affect an equipment supplier’s results. Canaan’s profitability now depends on both its trading and derivatives positions as much as mining-equipment sales.
- Canaan’s quarterly revenue fell 90% to $14.5 million.
- Cryptocurrency and derivatives gains supported an $8 million profit.
- Bitcoin trades at $73,197, down 2.81% over 24 hours.
- Network hashrate stands at 964 EH/s as difficulty reaches 148.4T.
- Bitcoin Mining Difficulty Reaches All-Time High Amid Revenue Decline
- Bitcoin Mining Revenue Surges to 11-Month High Amidst Market Volatility
- IREN Shares Slide as Mining Revenue Declines 58%
- Canaan’s quarterly revenue sinks as mining equipment demand weakens — this brief
Canaan’s third-quarter revenue dropped 90% to $14.5 million, according to The Block’s report. The decline coincided with a slump in sales of cryptocurrency mining hardware, while gains tied to digital assets and derivatives helped the company remain profitable with an $8 million profit. The result illustrates the contrast between Canaan’s underlying equipment business and its broader market exposure. Rather than matching the severe decline in revenue, reported profit remained positive because cryptocurrency and derivatives gains provided support during the quarter. Verified network data from mempool.space places bitcoin’s hashrate at 964 EH/s and mining difficulty at 148.4T. These figures provide the operating backdrop for mining-equipment suppliers, although the supplied coverage does not directly link either network measure to Canaan’s quarterly performance.
Market conditions were also unfavorable: bitcoin was priced at $73,197, down 2.81% over 24 hours and 5.22% over seven days. Its market capitalization was $1.47 trillion, while the broader crypto market was broadly lower at a combined $2.5 trillion; the Fear & Greed index registered 32, indicating fear. Future hardware sales, the durability of Canaan’s $8 million profit and conditions around bitcoin’s $73,197 price and 964 EH/s hashrate are the relevant indicators to monitor.
Since this brief published about 43 minutes ago, Bitcoin (BTC) has moved from ₹68,75,335.07$73,197.00 to ₹68,57,582.45$73,008.00 — -0.26%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from Token Times's market data (daily resolution; intraday detail builds over the first day). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 BTC ≈ ₹7.26M (about $73,008.00), down 2.4% over 24 hours. The rupee itself trades about 5.9% above the official rate on the P2P market, so a Indian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · November 10, 2026.
Token Times reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
Canaan’s quarterly revenue sinks as mining equipment demand — questions & answers
What caused Canaan’s quarterly revenue to decline?
Canaan’s revenue fell 90% to $14.5 million amid a slump in cryptocurrency mining hardware sales, according to The Block.
Did Canaan still report a quarterly profit?
Yes. The company reported an $8 million profit, supported by cryptocurrency and derivatives gains.
How was bitcoin performing during the reported period?
Bitcoin was at $73,197, down 2.81% over 24 hours and 5.22% over seven days.
How much is 1 Bitcoin worth in rupee today?
About ₹7.26M at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $73,008.00. The rupee price moves with both BTC's US-dollar price and the USDT/INR rate; use our Bitcoin in rupee page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is down 0.26% since this brief first published — trading at ₹68,57,582 ($73,008.00) now versus ₹68,75,335 ($73,197.00) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times brief that synthesises reporting from The Block. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original Token Times brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.