Canaan (CAN), a manufacturer of bitcoin mining equipment, said third-quarter net income fell 88% year on year to 61.1 million yuan ($8.6 million) due to what it called negative market dynamics as the price of bitcoin (BTC) fell to around $16,000. Total computing power sold fell 48.5% to 3.5 million terahashes per second, while revenue fell 26% to 978.2 million yuan, according to a statement issued by the Beijing-based firm on Monday. Several mining firms have felt the pinch in recent months, most notably data centre provider Compute North, which declared bankruptcy in September, while Argo Blockchain (ARGO) and Core Scientific (CORZ) are both experiencing liquidity issues.
