​​Bitcoin miner Canaan scales operations despite low earnings, | Crypto Shake

​​Bitcoin miner Canaan scales operations despite low earnings, CEO says.

Chinese Bitcoin mining firm Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, but it’s not the end of its business.

Chinese cryptocurrency mining firm Canaan will continue to expand operations despite the ongoing bear market and an associated drop in earnings, according to the company’s CEO.

Canaan posted a 90% over-the-quarter decrease in net income in Q3 2022, the firm officially announced on Nov. 14. The firm’s Q3 net income amounted to 61.1 million renminbi (RMB), or $8.6 million, which is a 88% decrease from the same period in 2021, Canaan noted.

The company’s revenues dropped about 41% from 1.7 million RMB ($230,000) in Q2 2022, while gross profit plummeted 75% from 940 million RMB ($130 million) posted in the previous quarter.

Amid Bitcoin mining becoming less profitable due to the crypto winter, Canaan’s mining devices have also experienced a significant decline in demand. According to the latest financials, Canaan sold a total 3.5 million terahashes per second (Th/s) of computing power in Q3, or 37% less than in the previous quarter.