Bitcoin mining company Canaan announced a net loss of $88.7 million for the first quarter of 2026. The decline in Bitcoin prices negatively impacted the company's margins and led to a significant write-down of inventory value. This was reported by Cointelegraph.com reports .
The company's total revenue as of March 31 was $62.7 million, a sharp decrease from the $196.3 million recorded in the previous quarter. While sales of industrial mining equipment, the primary revenue source, fell by 75%, the company's own mining operations generated $19.1 million in revenue.
Canaan CFO Jin Cheng noted that despite the decline in Bitcoin prices and hash price, the company managed to maintain stable production volumes. The company also holds 1,808 Bitcoins worth $121 million on its balance sheet.
The company increased its mining capacity to 11 EH/s and acquired a stake in Cipher Mining's joint projects in Texas. Although these strategic steps are aimed at optimizing electricity costs, Canaan forecasts further revenue declines for the second quarter.
The overall market situation remains challenging: major miners such as Riot Platforms, Core Scientific, and MARA also reported significant financial losses in their quarterly reports. Canaan shares continue to decline in stock trading following this news.
Read “Zamin” on Telegram!
