The sharp collapse in Canaan’s Bitcoin mining equipment sales is not an isolated public-company result. Bitdeer reported a 97% year-over-year decline in external SEALMINER revenue for Q3 2026, against Canaan’s 96% decline. Both released financial results on November 10. The resemblance is striking, but the underlying reasons differ—and the available disclosures cannot establish a comparable decline across the industry’s five largest manufacturers.
Official Bitdeer SEALMINER A4 promotional post, April 2026. It establishes the product family’s existence, not equipment sold during Q3. Credit: Bitdeer / X. The external source link may appear instead of a live X player.
External hardware revenue plunges at two suppliers
Canaan reported $4.8 million in Q3 2026 product revenue, down from $118.6 million in Q3 2025. Bitdeer separately reported $0.3 million from SEALMINERs and accessories, down from $11.4 million. Calculated using the rounded figures, the declines were 95.95% and 97.37%, respectively. Combined reported revenue for the two categories fell from $130.0 million to $5.1 million, a 96.08% decline.
The two revenue lines are related but not identical: Canaan’s products include industrial and home mining machines, while Bitdeer’s line covers SEALMINER rigs and accessories. Neither figure measures revenue earned by operating miners. Company reporting provides a small comparable sample, not a market-share-weighted total.
Canaan made sales, while Bitdeer kept more machines
A 96% fall is not zero sales. Canaan’s quarterly investor presentation records approximately 4,000 Avalon A15-series industrial units delivered, plus about 1,500 home mining units. Industrial equipment produced $3.7 million and home miners $1.1 million in revenue. Management blamed weaker demand, lower computing power sold, and reduced average selling prices. The 1.0 EH/s sold was far below the prior year’s volume.
Bitdeer followed a different strategy. Its Q3 disclosure says inventories of chips, unfinished units, and completed SEALMINERs were designated for self-mining and co-mining from Q2 2026, then transferred into property, plant and equipment. Approximately $110 million of its quarterly capital expenditures went toward SEALMINER production for internal deployment, including freight and tariffs. Therefore, low customer sales do not prove equivalent weakness in manufacturing output.
Bitdeer’s self-mining revenue actually rose from $130.9 million to $217.5 million year over year, helping lift total company revenue from $169.7 million to $320.7 million. Its proprietary mining fleet expanded substantially. Earlier BitcoinVersus.Tech coverage of SEAL04 and SEALMINER A4 efficiency provides hardware context; the sharp sales decline should not be interpreted as abandonment of new ASIC designs.
What the other manufacturers disclose
The comparison becomes less conclusive outside Canaan and Bitdeer. Ebang reported $3.92 million in total revenue for the first half of 2026, up 9.54%, but attributed much of its product growth to renewable-energy equipment and did not provide a matching Q3 Bitcoin ASIC sales line. Smaller listed supplier AGM Group reported $30.6 million in total 2025 revenue, down 4.6% from 2024; an annual historical figure cannot be placed into a Q3 2026 comparison. Leading privately held suppliers Bitmain and MicroBT have no equivalent publicly verified quarterly external-sales breakdown available for the period.
Independent May 2026 Avalon A16 hardware testing by Red Panda Mining. The review predates both November earnings announcements and is included for engineering context, not as evidence of manufacturer-wide demand. Credit: Red Panda Mining / YouTube.
An equipment-sales crisis is not the same as a mining collapse
The clearest evidence supports an extremely steep drop in external ASIC sales at two reporting manufacturers, not a proven 96% decline across the global hardware industry. At Canaan, lower customer demand and lower realized prices appear central. At Bitdeer, the shift toward consuming proprietary machines internally is central. Investors and mining operators should track equipment revenue, actual units or EH/s sold, internal deployments, inventory transfers, and mining cash generation separately.
The contrast also matters for Avalon A16-generation hardware and the broader competition over joules per terahash: engineering advances can continue even while third-party equipment purchasing slows.
Primary sources and calculation notes: Canaan Q3 2026 earnings release; Canaan Q3 investor presentation; Bitdeer Q3 2026 earnings release; Ebang H1 2026 SEC exhibit; AGM Group FY2025 annual filing; Red Panda Mining Avalon review; Bitdeer official A4 post. Calculations: (118.6−4.8)/118.6 = 95.95%; (11.4−0.3)/11.4 = 97.37%; (130.0−5.1)/130.0 = 96.08%. All USD figures are rounded; the two companies’ product categories are not perfectly identical.
Editor’s Note: Canaan and Bitdeer released unaudited Q3 2026 results on November 10, 2026. The comparison covers external sales of mining equipment or related accessories, not the mining revenue generated by running ASICs. Canaan did sell machines; Bitdeer redirected substantial production to internal use. Ebang’s first-half figures reflect broader businesses, AGM’s annual figures refer to 2025, and publicly comparable Q3 equipment-sale results were not established for Bitmain or MicroBT. The original 1200 × 630 cover is conceptual colored-pencil art featuring Canaan and Bitdeer themes with a bottom-left neon-green Bitcoinversus.tech watermark; it is not photography of their facilities. The chart uses zero-based vertical bars; Bitdeer’s image is official manufacturer promotional material. The X link and YouTube video are archival hardware media, not Q3 earnings footage. Actual playback, mobile rendering, and X widget functionality were not independently tested.
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