Canaan may sell more bitcoin for stock buybacks as mining-rig revenue falls 96%

Bitcoin miner Canaan reported a 96% drop in mining-rig revenue and launched a $20 million stock buyback program. Most of its bitcoin holdings were pledged or locked in a fixed-term product at the end of September, so funding the repurchase could require selling more BTC. Traders should watch for additional miner selling pressure on bitcoin, a sign of stress in the mining sector.