Tough market conditions were reflected in the third quarter report of Bitcoin (BTC) mining equipment manufacturer Canaan as an 88 percent decline in revenue.
Third-quarter data from Canaan, a Bitcoin mining equipment manufacturer, showed revenue slumped to $8.6 million. Since the price of Bitcoin did not reach the prices that the community wanted and the bear market continued, this price range hurt crypto money and Blockchain stakeholders.
Canaan’s Third Quarter Data Points Down Revenue
The decline of Bitcoin to the level of 16 thousand dollars was reflected as a loss to Blockchain stakeholders. Bitcoin mining equipment manufacturer Canaan’s third-quarter report showed revenues dropped by 88 percent.
The Beijing-based firm said in a statement that total computing power sold fell 48.5 percent to 3.5 million terahash, while revenue fell 26 percent to 978.2 million yuan.
CEO Nangeng Zhang said in a statement:
“The Bitcoin mining market deteriorated in the third quarter as the Bitcoin price fluctuated and recently dropped to around $16,000. Adverse market dynamics have significantly hampered the revenues and cash flows of Bitcoin miners. As miners had to curb their demand for computing power, we had to lower our selling price in response.”
Argo Blockchain and Core Scientific are both facing liquidity issues, while several mining firms have felt the strain over the past few months, notably data center provider Compute North, which filed for bankruptcy in September.
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