Canaan Q3 revenue falls 90% to $14.5M on weak mining hardware sales

Canaan's quarter shows how quickly the hardware side of mining can decouple from the broader crypto market: a 90% revenue collapse in equipment sales sits alongside a profit that came from crypto and derivatives positions, not from selling rigs. That mix matters for anyone tracking the mining supply chain, since it suggests demand for new machines is far weaker than asset prices alone would imply. Whether the derivatives contribution is repeatable, or whether hardware demand stabilizes, is the open question.