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It’s named for the biblical promised land of milk and honey. But these days Canaan Inc. (CAN.US) is headed to quite a different place, marching straight into a winter that’s shaping up as long and harsh.
The company, one of the world’s largest bitcoin mining machine makers, said on Monday that its net profit for the third quarter dropped nearly 90% year-on-year to 61.1 million yuan ($8.6 million) as it bore the brunt of a deep slump in cryptocurrency markets that shows no signs of easing.
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