Shares in Canaan surged after reporting a 104% increase in Q3 revenues to $150.5 million, with mining equipment sales at $118.6 million. North American customers contributed 31% of total revenue. Other miners like HIVE Digital and BitFuFu also reported strong earnings. Canaan’s stock closed up nearly 21% at $1.03.

Canaan’s stock is down 50% this year as miners shift to AI due to increased mining costs and Bitcoin price fluctuations. The company reported $30 million in mining revenue, a 241% increase YoY, and a net loss of $27 million. Canaan mined 267 Bitcoin at an average revenue of $114,485 per coin.

Canaan CEO Nangeng Zhang believes Bitcoin mining is still a viable option despite the shift to AI by some miners. He emphasized the importance of deploying more Bitcoin miners to generate revenues in the present while preparing for AI infrastructure in the future. Canaan holds 1,610 Bitcoin as of October.

Read more at Cointelegraph: Canaan Q3 Revenue Doubles From Strong Mining Demand