Canaan Q3 Net Income Drops 88% as Bitcoin Mining Declines

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“The bitcoin mining market deteriorated throughout the third quarter, because the bitcoin value fluctuated and additional dipped to round sixteen thousand {dollars} just lately,” CEO Nangeng Zhang stated within the assertion. “The destructive market dynamics have considerably hindered bitcoin miners’ revenues and money flows. As miners are pressured to chop their demand for computing energy, we needed to regulate down our promoting value in response.”

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