Mining hardware sector faces mounting pressure

Canaan shares recently closed around $0.79, marking a decline of more than 60% over the past year. The stock has not traded above $3 since late 2024.

The warning highlights broader challenges across the crypto mining hardware sector. Demand for ASIC miners has weakened as many operators pivot toward artificial intelligence and high-performance computing workloads.

As a result, hardware purchases have slowed, affecting revenue visibility for manufacturers. So, but despite pockets of recovery, the sector remains under strain.