Canaan Technology’s net profit in the third quarter was 61.1 million yuan, down 88.1% year-on-year and 90% quarter-on-quarter; the total computing power sold was 3.5 million TH/s, down 48.5% year-on-year and 37.1% quarter-on-quarter. In addition, Canaan Technology’s revenue in the third quarter was 978.2 million yuan, a decrease of 40.8% month-on-month and a year-on-year decrease of 25.8%. James Jin Cheng, chief financial officer of Canaan, said that market conditions are expected to continue to deteriorate given the falling price of bitcoin, rising energy prices and increasing cash pressure on miners.