The Last Bitcoin Mining Bull Market Ever? BTC Mining Expert Warns Miners May Never See Another Bull: Blockspace

Core Insights - The potential challenges facing Bitcoin miners are highlighted, with Canaan's VP expressing concerns about the industry's future despite a positive outlook on Bitcoin itself [1] Company Performance - Canaan reported a significant 60.9% year-over-year growth in ASIC equipment sales, selling 14.6 EH/s of new equipment in Q4 2025, along with a 45.7% quarter-over-quarter growth [3] - The company focuses on North America, assisting public company partners in improving their return on investment through durable machines that operate stably [3] Strategic Acquisitions - Canaan acquired a 49% equity interest in three Texas mining sites from Cipher Mining, which feature promising energy setups, including one site powered entirely by wind [4][5] - The other two sites have a competitive energy cost of running below $0.03 per kilowatt-hour, aligning with Canaan's strategy to expand into self-mining and gain operational experience in West Texas [5] Regulatory Landscape - Canaan maintains zero self-mining exposure in China, opting to avoid risks associated with the changing regulatory environment, especially after the Chinese government banned Bitcoin mining in 2021 [6][7] - The company focuses on North America, where a clear rule of law and a two-layer regulatory system provide better predictability for business operations [7]