Canaan Net Income Nosedives 88% As Bitcoin Mining Suffers On Heels Of FTX Crumble

Canaan (NASDAQ: CAN), a manufacturer of Bitcoin (CRYPTO: BTC) mining equipment, reported lackluster third-quarter financial results on the heels of a difficult few months for the crypto industry. According to the Beijing-based company: Net income plummeted 88% to 61.1 million yuan ($8.6 million) from the same period a year earlier.