Canaan (CAN), a producer of bitcoin mining equipment, said third-quarter net income slumped 88% to 61.1 million yuan ($8.6 million) from the year-earlier period amid what it called negative market dynamics as the price of bitcoin (BTC) slipped to about $16,000.
Total computing power sold dropped 48.5% to 3.5 million terahashes per second, while revenue fell 26% to 978.2 million yuan, the Beijing-based firm said in a statement Monday.
Several mining firms have felt the squeeze over the past few months, notably data center provider Compute North, which filed for bankruptcy in September, while
