Bitcoin mining companies Canaan Inc. and Bitdeer Technologies Group reported sharply contrasting third-quarter 2026 results, highlighting divergence in hardware sales and infrastructure-focused operations. Canaan's total revenue dropped 90% year over year to $14.5 million from $150.5 million. Mining equipment revenue collapsed 96% to $4.8 million from $118.6 million, with only 1 million TH/s of computing power sold. The company blamed lower computing power sold and weaker average selling prices amid reduced market demand.
Despite the revenue decline, Canaan posted net income of $8 million, reversing a $27.7 million loss a year earlier, driven by a $20.1 million fair-value gain on cryptocurrency holdings and $31.9 million on financial derivatives. CFO Jin "James" Cheng cautioned that the non-cash gain is distinct from underlying operating performance. Operating loss widened to $42.9 million from $23.9 million. Canaan mined 133 BTC, generating mining revenue of $9.5 million, down from $30.6 million in Q3 2025. The company held 1,875 BTC, with 1,258 BTC pledged for secured loans, and announced a $20 million share buyback under a $100 million authorization.
Bitdeer, by contrast, reported record total revenue of $320.7 million, up 89% year over year, supported by expansion of mining operations and cloud infrastructure. But net loss widened to $125.5 million from $30.1 million a year earlier. The loss included a non-cash loss of $54.6 million from fair value changes on digital asset loans. Adjusted EBITDA rose 173% to $69.6 million. Co-mining contributed $59.9 million with average hashrate of 23.0 EH/s. AI cloud revenue reached $20.4 million. Total cost of revenues rose to $309.9 million, leaving gross profit at $10.8 million.
Bitdeer held $213.7 million in cash, cash equivalents, and restricted cash, while digital assets and cryptocurrency accounts receivable were valued at $387.0 million. The results illustrate how public miners are diversifying into AI cloud and high-performance computing while managing higher energy and depreciation costs.
