Beijing-based bitcoin mining rig maker canaanio reported an 88% decline in Q3 net income from the same quarter in 2021. Reporting by oknightcrypto.
"The bitcoin mining market deteriorated during the third quarter, as the bitcoin price fluctuated and further dipped to around sixteen thousand dollars recently," CEO Nangeng Zhang said in the statement."The negative market dynamics have significantly hindered bitcoin miners' revenues and cash flows. As miners are forced to cut their demand for computing power, we had to adjust down our selling price in response.
James Jin Cheng, Canaan's CFO, said market conditions are expected to continue deteriorating in light of"bitcoin's downward trajectory, rising energy prices, and miners under increasing cash pressure."
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