Depth: The Bitcoin mining industry is undergoing drastic restructuring; the shift toward AI is irreversible.

This section’s title deliberately adopts a striking formulation—a concise summary of the industry’s transformation over the past two years. Many Bitcoin mining companies are steadily shifting toward a hybrid business model—simultaneously operating Bitcoin mining and compute-power hosting—or fully transitioning to compute-power hosting, gradually abandoning what they now refer to as their ‘legacy mining business.’ Several cases illustrating this trend emerged in Q2: Keel (formerly Bitfarms) has officially shut down its Bitcoin mining operations. Its Moses Lake facility ceased mining in April; Panther Creek, Scrubgrass, and Sharon facilities halted operations on June 29. The company recorded accelerated depreciation of retired mining rigs as part of operating costs, driving Q2 gross margin down to −285%. In Q3, its mining revenue will drop to zero—making Keel the first publicly listed miner with zero mining income. Keel also sold 1,085 BTC at an average price of $69,100 per coin, totaling $75 million. As of August 7, the company held only 1,861 BTC and has stated its intention to liquidate its entire BTC holdings by year-end. Cipher Digital (formerly Cipher Mining) announced it will no longer make capital expenditures for mining and expects mining to become immaterial by 2030—likely ceasing entirely by end-2027. In Q2, the company mined 346 BTC, all from its Odessa site, which benefits from a fixed-rate power contract priced at approximately $0.028 per kWh. Like Keel, Cipher Digital sold $123.4 million worth of Bitcoin in H1 2026, realizing a $47.7 million loss—i.e., selling below cost—to fund infrastructure construction for tenants. It currently holds just 646 BTC. IREN stated in its 10-K annual report that its transition from mining to AI will be substantially complete by December 31, 2026. Its latest quarterly financials show a $450.4 million impairment charge related to decommissioned mining hardware and a $102.1 million impairment on mining rigs held for sale. Additionally, IREN recognized a $25.1 million asset disposal loss. In line with this pivot, its AI cloud business revenue ($70.5 million) surpassed mining revenue ($66.7 million) for the first time. IREN currently holds zero Bitcoin, having consistently sold its daily mining output. TeraWulf is also accelerating its AI transition. In H1 2026, two mining facility buildings at Lake Mariner were taken offline, prompting the company to record a $25.7 million impairment on mining assets and shorten the estimated useful life of its remaining mining assets.

Canaan Q3 Earnings Review

Upon release of its Q3 earnings, my first impression was: Canaan’s business recovery is half a beat ahead of market sentiment—and the stock’s swift rebound wasn’t something I’d anticipated. Technically speaking, the share price appears to have found support near its moving averages, and investor interest has been growing recently. Total revenue reached $150.5 million—slightly above management’s guidance range of $125–145 million, up 50.2% quarter-on-quarter and doubling year-on-year. Such momentum is uncommon within the mining hardware cycle. More importantly, Q4 guidance stands at $175–205 million—described by the CFO as ‘cautiously optimistic.’ 1. Mining Hardware Business: Volume and Price Both Rising Product revenue hit $118.6 million—the first time in three years that quarterly mining hardware sales have exceeded $100 million. Key highlights: • Hashrate delivery reached 10 EH/s (a quarterly record); • Average selling price (ASP) rose to $11.8 per TH—up one-third year-on-year; • North American customers contributed 31% of product revenue—demand recovery outpacing market expectations. Traditionally tight-lipped about customer identities, Canaan explicitly named four clients in this earnings report: Bitfury, Cipher, CleanSpark, and Luxor—all core players in on-chain hashpower. The early-October U.S. order for 50,000 A15 Pro units has already begun delivery, with full fulfillment scheduled for end-2025. At present, mining hardware manufacturers face no supply constraints, pricing power remains strong, and order volumes are robust—implying solid product competitiveness and a return of major customers to procurement cycles. 2. Consumer-Series Products: A Segment Worth Monitoring Separately Consumer-series revenue totaled $12.2 million—up 115% quarter-on-quarter and accounting for 10.3% of product revenue (the first time exceeding 10%). Gross margin stood at 33%, generating $4 million in gross profit—20% of total product gross profit. During the earnings call, management stated outright: ‘In 2026, the KPI for our consumer series isn’t unit volume—it’s mainstream visibility.’ I personally hold a positive outlook on the consumer-use case. In northern China, winter heating represents a mandatory expense with relatively high costs. Switching to a consumer-grade miner—such as the Avalon Q—generates roughly $300 in annual income (per Mining NOW’s calculation, assuming $0.07/kWh electricity cost, equivalent to ~¥0.5/kWh domestically), enabling payback in 3–5 years. By adopting a consumer-electronics logic, this business enjoys significantly higher gross margins than industrial-scale mining hardware—warranting long-term tracking. Management noted internal ‘tension’ between allocating chips to ‘consumer’ versus ‘industrial’ lines—a dynamic requiring close attention. Product cadence remains annual. 3. In-House Mining Operations: Hashrate at 9.3 EH/s In-house mining continued setting new records: revenue reached $30.6 million (an all-time high); quarterly BTC output totaled 267 BTC (up 82% YoY); total deployed hashrate stood at 9.3 EH/s—including 4.4 EH/s in the U.S. Bitcoin holdings: 1,582 BTC; Ethereum holdings: 2,830 ETH. In early November, the company purchased another 100 BTC—clearly adhering to a ‘$100,000 floor’ strategy. Power costs: Average electricity cost across Canaan’s in-house mining facilities remains low, supported by strategic use of marginal gas, surplus grid power, and hydropower—resulting in a fundamentally sound cost structure.

Minerals Technologies (MTX) Set to Announce Quarterly Earnings on Thursday

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Minerals Technologies Inc is scheduled to announce Q3 2026 earnings on October 29, with forecasts of $1.48 EPS and $552.27 million revenue. Analysts maintain a "Reduce" consensus rating following a prior miss.

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