Canaan Q3 revenue plunges 90% year over year

Bitcoin mining rig maker Canaan posted third-quarter revenue of $14.5 million, down 90% from a year earlier, The Block reported. The decline came as mining rig revenue fell 96%. Despite the revenue drop, Canaan recorded net income of $8 million, driven not by improved operating performance but by about $52 million in fair-value gains on cryptocurrencies and derivatives.