CryptoSlate
Canaan's first-quarter earnings revealed a sharp revenue collapse, even as the mining hardware maker's combined Bitcoin and Ethereum treasury climbed to a record $148 million. The divergence tells the story of a sector under structural pressure: top-line income is shrinking while balance-sheet crypto holdings are being used to paper over the gap.
The broader mining industry is facing a compounding squeeze. Bitcoin network difficulty has pulled back slightly, offering marginal relief, but a more critical survival metric — operating cash flow per exahash — is deteriorating fast. Data centers flush with AI and HPC capital are outbidding crypto miners for electricity contracts, eroding the cheap-power moat that once defined the sector's edge.
For miners without locked-in long-term power agreements, the situation is turning from a margin problem into an existential one. Canaan's treasury…
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