Canaan Reports Steep Revenue Drop Amid Declining Bitcoin Prices

Canaan Inc., a company that specializes in compute and energy infrastructure, has released its unaudited financial results for the second quarter of 2026. The company reported total revenues of $31.9 million, down from $62.7 million in the first quarter of this year and $100.2 million in the same period last year.

The decrease in revenue was mainly due to a decline in computing power sold and average selling price, resulting from a tightening of overall market demand led by the decline in the Bitcoin price. The company's mining operations produced 243 Bitcoins during the quarter, with an all-in power cost of around $0.04/kWh across its mining operations.

Nangeng Zhang, chairman and chief executive officer of Canaan, commented that the second quarter presented a difficult period for Bitcoin mining, but the team responded by staying close to customers, matching production to demand, and protecting liquidity.