Bitcoin [BTC] Mining company Canaan Inc. has released its unaudited first quarter 2026 financial results. Total revenue was $62.7 million, which was within the range of the company’s previous guidance.
Still, this was down from $82.8 million in the same period in 2025 and $196.3 million in the fourth quarter of 2025.
Canaan’s first quarter 2026 results
With 257 Bitcoins produced during the first quarter of 2026the cryptocurrency treasury grew to 1,807.60 BTC and 3,951.53 Ethereum [ETH] by the end of March 31, 2026.
During that time, throughput also increased by 10.7% sequentially, to approximately 11 EH/s across ten joint mining projects.
Compared to $30.4 million in the fourth quarter of 2025 and $24.3 million in the same period of 2025, mining received $19.1 million in the first quarter of 2026.
This happened on the tail end of the average Bitcoin price falling over the same period, causing the sequential and year-over-year declines.
In contrast to the profit of $14.6 million in the fourth quarter of 2025 and the profit of $646,000 in the same period of 2025, there was a gross loss of $22.9 million in the first quarter of 2026.
Moreover, the net loss for the first quarter of 2026 was $88.7 million, while the same period in 2025 saw losses of $86.4 million.
Market dynamics during the first quarter of 2026
This occurred as the value of the global cryptocurrency market fell from $2.96 trillion to $2.30 trillion.
With a few notable exceptions when the market reached a “neutral” level, the cryptocurrency fear and greed index also fluctuated between the “Fear” and “Extreme Fear” zones during the same period.
However, by the end of March 2026, Bitcoin miner revenues had recovered to $1.805 million, after falling from $1.804 million to $1.8 million.
Final summary
- Despite a steep decline from previous quarters, Bitcoin miner Canaan Inc. revenue of $62.7 million in the first quarter of 2026, meeting its previous expectations.
- Due to adverse market conditions, miners were under significant pressure, as evidenced by net losses increasing to $88.7 million.