Crypto mining rig maker Canaan (CAN) reported a year on year revenue decrease of 82% to $56.8 million in Q4 2022 as it increasingly focuses on self-mining rather than selling machines, according to a Tuesday press release.

Canaan's mining revenue was $10.5 million in the fourth quarter, up 368.2% compared to the same period in 2021. In the same time period, it sold 75.8% less computing power.

Q4 net loss per ADS was 38 cents, compared to net earnings of 4 cents in the previous quarter and net earnings of $1 in Q4 2021.

Canaan's mining machines saw low demand in the fourth quarter of 2022, depressed by a slump in the price of bitcoin.

(By Eliza Gkritsi)