The latest financial report from Canaan Technology lays bare the reality of the mining industry being under "high coin prices and high pressure": In the first quarter of 2026, with total revenue of approximately $62.7 million, it still recorded a net loss of about $88.7 million. By the end of March, the company continued to increase its self-operated hash power and joint mining projects, generating approximately 11 EH/s of computing power and producing around 257 BTC while also adding roughly 1,807.60 BTC and 3,951.53 ETH holdings on its balance sheet, in addition to acquiring about 49% equity in Cipher Mining's Texas ABC project, corresponding to a potential hash power capacity of about 4.4 EH/s. Although the signs of scale expansion are clear, the overall pressure on profitability indicates that under the current cost structure, even with Bitcoin at a relatively high position, the traditional mining model still finds it difficult to "support mining through price", exacerbating sensitivity to price fluctuations.

Alongside the financial report, there has been a rewriting of valuation logic. In a report released by Bernstein in mid-May, Bitcoin mining companies were directly placed within the framework of AI data center computing infrastructure, suggesting that with the explosion of AI demand, mining companies are being repriced from a single role of "mining BTC" to "general computing power providers." In terms of market dynamics, Bitcoin's price currently hovers around $76,800, with a support level at around $76,000, and whether it can hold this level at month-end is seen as the pivotal watershed for a bull market. Under this macro narrative, Huobi HTX launched ZEST/USDT spot and 10x leverage on May 19 at 21:00 (GMT+8), raising awareness of the lending protocol track built on Bitcoin and providing new liquidity and price signals for Bitcoin DeFi. Data from AiCoin and Airdrop Radar observe changes in financing and interest levels in the sectors of AI computing infrastructure, Bitcoin DeFi, and mining companies simultaneously; the real question to be answered next is which projects' ecological incentive paths are worth being kept on the long-term observation list on the airdrop radar in an environment where mining companies align with the dual narratives of AI and Bitcoin DeFi.

Expansion in Loss: Canaan Technology Bets on Self-Operated Hash Power

Looking at the figures from the financial report, Canaan Technology's current path is to continue amplifying the weight of self-operated hash power and joint mining amidst losses. In the first quarter of 2026, despite total revenue of about $62.7 million, the company reported a net loss of approximately $88.7 million, increasing its investment on the mining side while enduring pressure on the income statement. Correspondingly, as of March 31, the company held approximately 1,807.60 BTC and 3,951.53 ETH, producing about 257 BTC through approximately 10 joint mining projects during the reporting period, shifting its balance sheet from "selling mining machines" to a hybrid model of "holding computing power + holding coins." This means that its operational results are no longer merely driven by the mining machine sales cycle but are highly tied to the price fluctuations of Bitcoin and Ethereum, concurrently amplifying sensitivity to market conditions on both the revenue and asset sides.

The expansion on the computing power side is also representative. During the reporting period, Canaan Technology's total installed computing power was approximately 11 EH/s, with a quarter-on-quarter growth of about 10.7%. Besides traditional mining machine shipments, computing power is continuously converted from electricity and racks into self-owned hash power through self-operated and joint mining efforts. The company's acquisition of approximately 49% equity in Cipher Mining's Texas ABC project corresponds to an additional hash power capacity of about 4.4 EH/s, further increasing its potential future output. For sectors related to mining companies, this strategy of continuing to expand computing power amidst losses provides greater performance flexibility for a bull market while also amplifying the downside risk during price declines. When screening mining companies, AI computing infrastructure, and Bitcoin ecological projects, Airdrop Radar will regard samples with "high computing power, high coin holdings, and high volatility" as one of the observation standards to assess the risk tolerance and return elasticity behind potential airdrops and ecological incentives in relevant tracks.

AI Data Center Competition: Mining Company Valuations Are Rewritten

As the demand for AI data centers is generally regarded as entering a high-growth phase, Bernstein has reintroduced Bitcoin mining companies into the discussion within the framework of "general computing power infrastructure." The report not only measures mining companies against large-scale cloud vendors and AI cloud service providers within the same industrial chain but also clearly states that the market can no longer view these companies solely as "Bitcoin mining factories," but should reassess them as "infrastructure providers that can dynamically allocate between different computing power demands." This perspective shift adds an AI computing premium to the mining company narrative and significantly expands the valuation elasticity of their equity and token-related assets.

On the resource allocation level, some mining companies have begun internal bidding for electricity and facilities resources between "Bitcoin mining - AI computing power leasing": when Bitcoin prices are high, computing power is more directed towards on-chain output; as AI training demand overflows and rents rise, some of the cabinets are redirected towards AI client computing contracts. Taking Canaan Technology as an example, it achieved approximately 11 EH/s in total installed computing power in the first quarter of 2026 by expanding its self-operated hash power and about 10 joint mining projects, and by acquiring about 49% equity in Cipher Mining's Texas ABC project, it secured approximately 4.4 EH/s of potential new capacity. This approach of "first increasing the physical scale of computing power, then considering extending it to more general scenarios" theoretically enables mining companies to have a foundation for horizontal expansion into AI computing power business, but it also turns the allocation of resources between Bitcoin and AI into a core variable affecting the volatility of financial reports and coin holdings.

In the track of interest from Airdrop Radar, this valuation rewrite is spilling over into on-chain projects: AiCoin data indicates that recent AI computing power and computing infrastructure projects are showing signs of rising interest in terms of financing and market engagement, and related project cards are included in more user-defined screening combinations. For such projects, the transformation logic of mining companies "from single mining to general computing power" is becoming an important context for assessing their potential airdrop and ecological incentive spaces — if the underlying partners are mining companies with large-scale computing power but highly flexible resource allocation, then their tokens or point incentives often simultaneously reflect both Bitcoin price fluctuations and AI computing demand fluctuations. For airdrop participants, understanding this dual source of volatility is a prerequisite step in judging whether risks and opportunities match their preferences.

$76,000 Threshold: The Ballast for Bitcoin Sentiment

The current Bitcoin price is approximately $76,800, and the market generally regards around $76,000 as a key support level for this round of market activity. Several analysts have noted that the consensus signal is: if the closing price this month can stabilize above about $76,000, it will be interpreted as confirmation of a continued bull market rather than a short-term spike followed by a downturn. In this framework, the $76,000 level is not only a technical threshold but also acts as a "ballast" for sentiment — if it holds, risk appetite remains elevated; once it breaks, the market's willingness to engage with high-risk assets and new narratives will quickly tighten.

For coin-holding mining companies, the significance of this price range is even more direct. Taking Canaan Technology as an example, as of March 31, 2026, it holds approximately 1,807.60 BTC and 3,951.53 ETH, reporting about $62.7 million in revenue in the first quarter of 2026 but still a net loss of about $88.7 million, indicating that its financial performance is highly sensitive to price fluctuations. When Bitcoin trades above $70,000, the market value and balance sheet volatility of its holdings are amplified, further reflecting back into market expectations for mining companies and computing infrastructure tracks. AiCoin data observes that when Bitcoin prices are in the range above $70,000, the attention levels of the Bitcoin ecosystem, Bitcoin L2, and mining-related sectors have seen periodic increases on the airdrop radar, indicating that price ranges are influencing users' interests in potential airdrops and ecological incentives for these projects through sentiment channels.

From the perspective of airdrop radar users, therefore, the $76,000 threshold has become an implicit prerequisite when screening Bitcoin ecological projects: if the coin price remains above key support levels, mining companies and Bitcoin DeFi projects are more likely to maintain "tolerable" fluctuations across financial reports, valuations, and sentiment layers, increasing the likelihood that project parties will launch points, ecological incentives, or a new round of tasks; once it falls and forms a monthly retreat, the heat and task rhythm of related sectors may adjust accordingly. For airdrop participants, considering the $76,000 threshold as a dividing line for sentiment and risk is a parameter that cannot be ignored in the current Bitcoin ecological screening path.

ZEST Launches on HTX: Bitcoin Lending Track Gets Noticed

With Bitcoin prices still maintained above key support levels, the native Bitcoin lending track has seen a notable listing event. On May 19, 2026, at 21:00 (GMT+8), Huobi HTX launched ZEST/USDT spot trading and simultaneously opened 10x leverage trading, providing a new source of liquidity and price discovery for the Bitcoin lending track associated with Zest Protocol. According to a single source description, Zest Protocol aims to build a lending protocol on Bitcoin for liquidity providers within the Bitcoin ecosystem; the listing of such assets on mainstream trading platforms itself signals a “breakout” of Bitcoin DeFi narratives: the market is no longer only discussing within chain and community but is making the risks and expectations of this track visible through centralized quotes and transactions.

From the perspective of Airdrop Radar, the token listing of ZEST on exchanges should be interpreted more as an observation point for changes in track maturity and project interest rather than a simple short-term positive signal. AiCoin data has noted that in the Bitcoin lending and Bitcoin DeFi sectors, some projects experience a periodic increase in attention after completing exchange listings or significant integrations, but this increase does not equate to a "lock-in" of airdrop returns; instead, it suggests that projects are transitioning from "early experiments" to being "priced by the mainstream market" during their lifecycles. For Bitcoin lending projects already on the airdrop radar observation list, users can regard the launch time of ZEST as an important reference for assessing subsequent task rhythms, ecological incentive spaces, and volatility risks, rather than a sole decision-making basis.

How to Prioritize Airdrop Opportunities Amidst Mining Companies and AI

From Canaan Technology's financial report, Bernstein's research, to Bitcoin's price range, one can see the current contradiction of "computing power - mining companies - Bitcoin ecosystem": on one side is the reality pressure of approximately $62.7 million in revenue and $88.7 million in net losses in the first quarter of 2026, while on the other is the joint mining project's approximate 11 EH/s hash power expansion, with a quarter-on-quarter increase of about 10.7%, plus the approximately 49% equity acquisition in Cipher Mining's Texas ABC project bringing about 4.4 EH/s potential increment. Coupled with holdings of approximately 1,807.60 BTC and 3,951.53 ETH, this renders mining companies very sensitive to Bitcoin prices around $76,800, with around $76,000 as a key support level. This data overlaps with Bernstein's view of mining companies as participants in AI data center computing infrastructure, forming the macro framework for Airdrop Radar when screening computing power and Bitcoin ecological opportunities: expansion amidst losses indicates that competition is evolving towards being power-intensive and capital-intensive, rather than just a simple "mining sentiment rebound."

On a micro level, the launch of ZEST/USDT spot and the opening of 10x leverage by Huobi HTX on May 19, 2026 mean new liquidity and price anchors for lending protocols built on Bitcoin, indicating that the lending track within Bitcoin DeFi is starting to be priced by a broader range of funds. For users on the Airdrop Radar, during such cycles, attention can be relatively prioritized into three categories: first, computing power and computing infrastructure projects that align with the AI data center logic; second, Bitcoin DeFi protocols like Zest Protocol that receive exchange liquidity support; and third, Bitcoin ecological projects that are bound to mining companies’ business or revenue structures. Meanwhile, AiCoin data and Airdrop Radar will continue to track changes in project heat and financing dynamics in these sectors, but when users screen potential airdrop or ecological incentive opportunities, they need to consider mining companies' profitability pressure, Bitcoin price fluctuations near key support levels, and the intensification of competition within the computing and DeFi tracks as equally significant risk variables, rather than solely focusing on the short-term topicality of a single sector.

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