Canaan Q2 Earnings: Self-Mining Dominates Revenue Amid Volatile Bitcoin Prices

Canaan Inc., a bitcoin mining equipment manufacturer, presented its second-quarter 2026 operating and financial results on September 8, 2026. The company navigated a volatile quarter marked by bitcoin price swings between $60,000 and $81,000.

Self-mining operations reached a milestone in Q2 2026, accounting for 55% of total revenue for the first time in company history. This represents a dramatic shift from just 12.2% in Q3 2024, reflecting both strategic intent and weak equipment demand.

Canaan's non-joint venture self-mining operations generated 243 bitcoin in Q2 2026, down 4% quarter-over-quarter, with mining revenue of $17.7 million representing a 7.7% sequential decline. The adjusted mining gross margin stood at 20.5%, defined as revenue after energy and hosting costs but excluding depreciation.