Canaan Posts $88.7M Internet Loss in Q1 2026 as Bitcoin Costs Weigh on Mining Income


Bitcoin miner Canaan reported a web lack of $88.7 million for the primary quarter of 2026, as falling Bitcoin (BTC) costs squeezed margins and triggered a big stock write-down.

The corporate posted whole income of $62.7 million for the quarter ending March 31, a pointy decline from the $196.3 million it recorded within the earlier quarter, in line with a Tuesday press launch.

Industrial mining tools remained the corporate’s major income driver at $39.6 million, although gross sales tumbled 75% from the prior quarter. Self-mining contributed $19.1 million, whereas the house mining phase introduced in $2.7 million, a class that greater than doubled year-on-year.

Supply: Canaan

“Though common Bitcoin costs and hashprice declined considerably quarter-over-quarter, our bitcoin manufacturing skilled a relatively smaller lower, reflecting the resilience of our mining operations and continued hashrate deployment,” Jin (James) Cheng, chief monetary officer of Canaan, stated.

A $25 million stock write-down weighed on the quarter’s gross lack of $23 million, whereas loss from operations reached $54.3 million.

Associated: Bitcoin turns threat on as shares hit new highs and miner income rise: Is $85K BTC subsequent?

Canaan’s self-mining hashrate surges 66%

Canaan expanded its self-mining footprint to 11 exahashes per second of put in computing energy, a 66% soar from a 12 months earlier. The corporate held 1,808 Bitcoin on its steadiness sheet as of March 31, valued at roughly $121 million.

Within the quarter, Canaan additionally accomplished the acquisition of Cipher Mining’s 49% stake in three West Texas three way partnership initiatives totaling roughly 4.4 EH/s in hashrate capability and 120 megawatts of energy. The deal, closed by means of a share issuance moderately than money, provides Canaan entry to energy charges beneath three cents per kilowatt-hour on the ERCOT grid.

Trying forward, Canaan guided Q2 revenues between $35 million and $45 million, an additional sequential decline.

Canaan shares closed down 3.54% at $0.4827 on Monday, shedding an additional 7.71% in pre-market buying and selling to $0.4455, in line with Yahoo Finance.

Associated: Hut 8 refinances Bitcoin-backed mortgage with $200M FalconX deal

Main miners report losses in Q1

Throughout the sector, main miners together with Riot Platforms, Core Scientific, CleanSpark and TeraWulf all reported widening losses in Q1. MARA topped the group with a $1.3 billion web loss, roughly $1 billion of it tied to non-cash mark-to-market changes on its Bitcoin holdings.

As mining margins compress, a rising variety of miners are pivoting towards AI and high-performance computing in its place income stream. On Monday, HIVE Digital Applied sciences introduced plans to construct a 320-megawatt AI information middle campus close to Toronto, able to supporting greater than 100,000 GPUs at full build-out.

Journal: Information to the highest and rising world crypto hubs — Mid-2026



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