SINGAPORE, July 7, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, right now launched its unaudited bitcoin mining replace for the month ending June 30, 2025.
Management Commentary
“Our June production numbers demonstrated the resilience of our mining operations,” stated Nangeng Zhang, chairman and chief government officer of Canaan, “Following a record-breaking May, June manufacturing totaled 88 bitcoins, primarily as a result of a short lived discount in working hashrate. The lower was primarily as a result of diminished uptime from weather-related curtailment and upkeep. During the month, sure areas of Texas have been impacted by each extreme storms and steady excessive temperatures, leading to our internet hosting accomplice shutting down some machines for web site security in addition to web site upkeep. In Ethiopia, our 100% inexperienced mining actions had a decrease uptime as a result of seasonal drought-related nationwide electrical energy restrictions.
“Importantly, we continued to construct our bitcoin reserves, closing June with a file excessive of 1,484 bitcoins in our whole cryptocurrency holdings. This milestone underscores each our monetary energy and our long-term dedication to strategically accumulating bitcoin. This marks a brand new file for our cryptocurrency holdings, reinforcing our monetary flexibility and dedication to constructing strategic bitcoin reserves.
“At the identical time, we continued advancing our North American growth, with roughly 1 EH/s of latest computing energy presently en path to our U.S. services. Installation is on observe for completion by the tip of July 2025, additional strengthening our operational presence within the area.
“Additionally, in light of ongoing market challenges, we remain focused on protecting shareholder value. We continued executing our stock repurchase program throughout June, demonstrating our confidence in the Company’s long-term prospects and underscoring our disciplined capital allocation strategy.”
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June 2025 Bitcoin Mining Updates (unaudited) |
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Key Metrics |
Results (Rounded Numbers) |
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Bitcoins Mined During the Month |
88 Bitcoins |
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Month-End Bitcoins Owned by Canaan Inc. on |
1,484 Bitcoins |
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Month-End Deployed Hashrate (EH/s) |
8.15 EH/s |
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Month-End Operating Hashrate (EH/s) |
6.57 EH/s |
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Month-End Average Revenue Split[2] |
62.3 % |
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Average All-in Power Cost During the Month[3] |
US$0.045/kWh |
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June 2025 Bitcoin Mining Infrastructure Updates (unaudited) |
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North America |
Non-North America |
Global |
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Month-End Average |
20.1 J/TH |
29.7 J/TH |
26.3 J/TH |
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Month-End Installed |
76.3 MW |
139.6 MW |
216.0 MW |
Notes:
1. Defined as the whole variety of bitcoins owned by the Company on its Balance Sheet together with any bitcoins receivable, excluding bitcoins that the Company has obtained as buyer deposits.
2. Defined because the weighted common share that Canaan would share from the whole revenues generated in accordance with the relevant joint mining preparations if 100% of the mining machines consisting of Installed Computing Power (as outlined under) have been energized.
3. Defined because the weighted common value of energy if 100% of the mining machines consisting of Installed Computing Power have been energized.
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Current Mining Projects (As of June 30, 2025)： |
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Regions |
Active Mining |
Energized |
Installed |
Expected |
Estimated |
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Global |
9 |
6.57 EH/s |
8.15 EH/s |
0.78 EH/s |
8.94 EH/s |
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America |
4 |
2.60 EH/s |
3.66 EH/s |
1.00 EH/s |
4.66 EH/s |
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Canada |
1 |
0.02 EH/s |
0.02 EH/s |
0 EH/s |
0.02 EH/s |
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Ethiopia |
2 |
3.8 EH/s |
4.22 EH/s |
0 EH/s |
4.22 EH/s |
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Kazakhstan[8] |
1 |
0.12 EH/s |
0.22 EH/s |
-0.22 EH/s |
0 EH/s |
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Middle East |
1 |
0.03 EH/s |
0.04 EH/s |
0 EH/s |
0.04 EH/s |
Notes:
4. Defined as the quantity of computing energy that would theoretically be generated if all mining machines which were energized are presently in operation together with mining machines that could be briefly offline.
5. Defined because the sum of Energized Computing Power and computing energy that has been put in however not but energized, if any.
6. Defined as the quantity of computing energy that has been delivered to the nation the place every mining challenge is positioned in however not but put in.
7. Defined because the sum of Installed Computing Power and Expected Computing Power.
8. The Company introduced offline roughly 0.59 EH/s of mining computing energy in Kazakhstan and expects to uninstall the remaining 0.22EH/s within the area in July 2025 as a result of change in industrial situations.
Recent Corporate Updates:
Executive Share Purchase
On June 9, 2025, the Company introduced that its chief government officer and its chief monetary officer have acquired an combination of 817,268 American Depositary Shares (“ADSs”) at a median worth of US$0.76 per ADS, demonstrating their continued confidence within the Company’s long-term prospects.
US$30 Million Stock Repurchase Program
On May 27, 2025, the Company introduced that its board of administrators has approved a share repurchase program beneath which the Company might repurchase as much as US$30 million value of its excellent (i) American depositary shares (“ADSs”), every representing 15 Class A peculiar shares, and/or (ii) Class A peculiar shares, over the subsequent six months ranging from May 27, 2025.
Recent Operational Update:
Expansion of Self-Mining Operations
The Company has shipped roughly 1 EH/s of further computing energy to U.S. websites. These machines are anticipated to come back on-line by the tip of July 2025, underpinning its North American growth technique.
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a know-how firm specializing in ASIC high-performance computing chip design, chip analysis and improvement, computing tools manufacturing, and software program providers. Canaan has intensive expertise in chip design and streamlined manufacturing within the ASIC discipline. In 2013, Canaan’s founding group shipped to its prospects the world’s first batch of mining machines incorporating ASIC know-how in bitcoin‘s historical past beneath the model title Avalon. In 2019, Canaan accomplished its preliminary public providing on the Nasdaq Global Market. To study extra about Canaan, please go to https://www.canaan.io/.
Safe Harbor Statement
This press launch accommodates forward-looking statements. These statements are made beneath the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements might be recognized by terminology reminiscent of “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and comparable statements. Among different issues, the enterprise outlook and quotations from administration on this announcement, in addition to Canaan Inc.’s strategic and operational plans, comprise forward-looking statements. Canaan Inc. can also make written or oral forward-looking statements in its periodic reviews to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-Ok, in its annual report back to shareholders, in press releases and different written supplies and in oral statements made by its officers, administrators or staff to 3rd events. Statements that aren’t historic details, together with statements about Canaan Inc.’s beliefs and expectations, reminiscent of expectations with regard to income or mining hash charge deployment, are forward-looking statements. Forward-looking statements contain inherent dangers and uncertainties. A lot of elements may trigger precise outcomes to vary materially from these contained in any forward-looking assertion, together with however not restricted to the next: the Company’s objectives and methods; the Company’s future enterprise improvement, the flexibility of the corporate to execute towards its objectives, monetary situation and outcomes of operations; the anticipated progress of the bitcoin business and the value of bitcoin; the Company’s expectations concerning demand for and market acceptance of its merchandise, particularly its bitcoin mining machines; the Company’s expectations concerning sustaining and strengthening its relationships with manufacturing companions and prospects; the Company’s funding plans and methods, fluctuations within the Company’s quarterly working outcomes; competitors in its business; altering macroeconomic and geopolitical situations, together with evolving worldwide commerce insurance policies and the implementation of elevated tariffs, import restrictions, and retaliatory commerce actions; and related authorities insurance policies and rules referring to the Company and cryptocurrency. Further data concerning these and different dangers is included within the Company’s filings with the SEC. All data offered on this press launch and within the attachments is as of the date of this press launch, and Canaan Inc. doesn’t undertake any obligation to replace any forward-looking assertion, besides as required beneath relevant legislation.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com
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SOURCE Canaan Inc.
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