Canaan Shares Plummet as Self-Mining Dominates Revenue

Canaan Inc., a leading bitcoin mining equipment manufacturer, has shifted its strategic focus toward self-mining operations. In Q2 2026, self-mining accounted for 55% of total revenue, up from 12.2% in Q3 2024.

The company's shares fell 6.31% to $0.337 in premarket trading after revealing a quarterly revenue of $31.9 million, below the guidance range of $35 million to $45 million.

Despite weaker equipment sales, Canaan emphasized its strategic evolution from primarily an equipment supplier to an integrated mining and energy infrastructure company.