Key Takeaways:
Canaan Inc. added 49 Bitcoin to its corporate treasury in June, bringing total holdings to a record 1,915 BTC, the mining hardware maker said July 14.
"June was a month of consolidation and recovery, and we remained focused on disciplined execution across our mining operations," Nangeng Zhang, chairman and chief executive officer of Canaan, said.
The company mined 64 BTC during the month and also holds 3,952 Ether, bringing the total value of its cryptocurrency holdings to approximately $124 million. Canaan's non-JV mining fleet operated at an efficiency of 17.9 joules per terahash, with an average all-in power cost of 4.3 cents per kilowatt-hour.
The accumulation comes as Canaan navigates a transfer to the Nasdaq Capital Market, completed July 1, and seeks a 180-day extension to regain compliance with the exchange's minimum bid price requirement. Executives, including Zhang and Chief Financial Officer Jin Cheng, purchased 1,065,000 American depositary shares at an average of 35 cents each in June, a move management said reflects conviction in the company's long-term growth strategy.
Canaan's joint venture with WindHQ substantially resumed operations in June after wildfire-related disruptions affected its Alborz facilities in West Texas in May. The company's JV operating hashrate recovered to 4.09 EH/s by month-end, approaching the installed capacity of 4.81 EH/s across three facilities.
The Singapore-based miner also expanded beyond traditional Bitcoin mining, winning a competitive bid in May to supply 8 megawatts of hash-to-heat equipment to a Nordic district heating network. The project uses Canaan's Avalon A1566HA hydro-cooled units to deliver hot water at approximately 80 degrees Celsius for integration into existing heating infrastructure, following a successful 2 MW initial deployment.
Canaan's total installed hashrate across 12 global projects stood at 14.86 EH/s as of June 30, with operating hashrate at 7.45 EH/s. The company's non-North American operations include projects in Ethiopia, the Middle East, and Malaysia, though one Ethiopian site was temporarily taken offline in mid-June due to local power grid maintenance.
This article is for informational purposes only and does not constitute investment advice.
