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Canaan’s Q3 revenue plunges 90% to $14.5 million as bitcoin mining hardware sales slump

By James Hunt

Canaan's Q3 revenue fell 90% to $14.5 million, though cryptocurrency and derivatives gains supported an $8 million profit.

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Revenue

The total money a company earns from selling goods or services before any costs are subtracted.

Revenue growth shows demand for a company's products; profit shows whether it earns money from them.

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Bitcoin

The first and largest cryptocurrency, created in 2009, with a fixed maximum supply and no central issuer.

Its price swings and adoption by funds and companies make it a bellwether for the whole crypto market.

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Cryptocurrency

A digital currency secured by cryptography and recorded on a blockchain, without a central bank issuing it.

Crypto prices are volatile, and governments are still deciding how to regulate it.

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