Canaan posts $8 million profit on bitcoin gains as rig sales fall 96%

Canaan reported $8.0 million in net income, driven by a $51.9 million fair-value gain on its bitcoin holdings, even as mining-machine sales collapsed 96% to $4.8 million from $118.6 million a year earlier. The swing to profit came entirely from bitcoin gains rather than operations, with an operating loss masked by the fair-value adjustment. For traders, this highlights how bitcoin exposure is propping up mining-equipment makers as hardware demand dries up.