Canaan Stuns Market With Massive Hardware Demand as U.S. Miners Return

Canaan has been out of the spotlight for most of the year, overshadowed by mining companies racing toward AI infrastructure and away from traditional Bitcoin operations.

But this quarter, the company forced the entire industry to look back in its direction — not because of a shift into AI, but because its core business unexpectedly roared back to life.

U.S. Miners Return in Force

Instead of weakening alongside competitors who are reducing mining exposure, Canaan benefited from a renewed scramble for hardware. The company disclosed that demand for mining equipment surged at a pace even management didn’t anticipate, pushing its third-quarter revenue to $150.5 million — more than double what it recorded a year ago. The surprising factor is where the demand came from. After a long downturn in ordering behavior, U.S. miners returned with large and repeated purchases, ultimately driving 31 percent of Canaan’s revenue for the quarter.

A Broader Revival in Mining Profitability

The rebound wasn’t an isolated trend. Other mining firms have been signalling a similar turnaround in profitability. HIVE Digital reported a dramatic earnings jump and BitFuFu managed to double its quarterly revenue, both attributing the momentum to increased appetite for mining capacity while Bitcoin’s price has recovered. Canaan, however, captured the spotlight because it supplies the machinery enabling that expansion.

Wall Street Reacts Immediately

The market reaction was immediate. Shares of Canaan, which had been drifting for months, spiked almost 21 percent on Tuesday and continued higher in after-hours trading. Even so, the stock remains down nearly 50 percent for the year — a reminder of how aggressively the industry pivoted toward artificial intelligence earlier in 2025. Many miners are redirecting capital to AI hosting rather than mining, hoping to reposition for long-term demand.

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Why Canaan Isn’t Rushing Into AI

Canaan doesn’t dismiss that shift, but it doesn’t see a reason to abandon Bitcoin in the meantime. The company produced $30 million in mining revenue over the quarter, more than tripling year-over-year, reduced its net loss to $27 million from $75 million, mined 267 BTC at an average revenue of $114,485 per coin, and expanded its Bitcoin treasury to 1,610 BTC by the end of October. Those numbers support the company’s belief that mining remains profitable when executed at scale with efficient hardware.

Mining Still Pays While the Industry Transitions

CEO Nangeng Zhang told investors that AI integration will take time and heavy infrastructure upgrades. While the industry prepares for that transition, he argued that Bitcoin mining remains the most reliable way to generate revenue today. His position is that miners can pursue AI in the future without sacrificing the advantages of Bitcoin mining in the present.

The latest quarter doesn’t prove that the mining boom is permanently back, nor does it rule out an eventual shift toward AI. What it does show is that the companies selling the tools for mining — not just participating in it — may be the ones most insulated from rapid sector rotation. For now, Canaan’s comeback suggests that traditional mining hardware still has a strong role to play before the next technology wave arrives.