Canaan Sees Revenue Fall to $31.9 Million Amid Weaker Bitcoin Prices

Canaan's second-quarter revenue fell to $31.9 million due to weaker Bitcoin prices, softer mining-machine demand, and seasonal power constraints. This represents a decline from both the previous year's $100.2 million and this year's first quarter of $62.7 million. The company mined 243 BTC during the period and ended with a record digital-asset treasury of approximately 1,915.5 BTC and 3,951.7 ETH.

Product revenue was $13.6 million, while mining revenue stood at $17.7 million. The company's non-joint-venture installed mining computing power reached 10.05 EH/s, a year-over-year increase of 23.3%. Its all-in electricity cost was approximately $0.043 per kWh.

Canaan is also developing its broader compute and energy infrastructure strategy, including cost-advantaged power sites, compute-to-heat reuse applications, and new Avalon Home products designed for household heating applications. The company expects revenue of only $11 million to $15 million in the third quarter due to near-term market conditions and changing customer demand.