$BTC Canaan – a China-based Bitcoin (BTC) ASIC manufacturer and operator – lost nearly half its revenue from mining machine sales last quarter, according to its Q3 earnings.

Released on Tuesday, the firm’s financial results showed just $33 million in revenue for the three months ended September 30, 2023. That’s down from $73.9 million in Q2, and $145.5 million during the same period last year.

The vast majority of that revenue came from sales of the firm’s Avalon Bitcoin miners, which fell 48% quarter over quarter. Though the company tried cutting the price of its machines, it did little to stimulate new demand.

“Overall, we faced increased pricing competition and a noticeable softening in purchasing power on the demand front, which have posed severe challenges to our sales,” wrote the company.