$BTC BITCOIN MINERS ARE BLEEDING…
Canaan just dropped a brutal Q1:
-> $62.7M revenue vs $196.3M last quarter
-> $88.7M net loss
-> $25M inventory write-down as BTC pulled back from the highs
Mining rigs sales crashed 75% QoQ, margins got squeezed, and they still booked a $23M gross loss and $54.3M operating loss — while sitting on 1,808 BTC and ramping self-mining hashrate 66% to 11 EH/s.
At the same time, other majors like Riot, Core Scientific, CleanSpark, TeraWulf — even MARA with a $1.3B hit — are all showing how savage this post-halving environment is for overleveraged miners.
The meta is shifting: less pure mining, more AI / HPC pivot. HIVE is already planning a 320 MW AI campus for 100,000+ GPUs near Toronto.
When miners are forced to sell coins, write down inventory and chase new business models…
Smart money starts asking: is this miner capitulation… or just the first crack?