Canaan Inc. Provides August 2026 Bitcoin Production and Mining Operation Updates

Canaan converted part of its crypto treasury into US$13.9 million cash and repurchased 13.6 million ADSs while maintaining a 10.05 EH/s non-JV hashrate.

Rhea-AI Summary

Canaan (CAN) reported its unaudited bitcoin mining and capital allocation update for August 2026.

The company mined 44 BTC in August and ended the month with 1,868 BTC and 0 ETH on its balance sheet. Non-joint-venture installed hashrate was 10.05 EH/s, with joint-venture installed hashrate at 4.92 EH/s; non-JV operating hashrate matched installed at 10.05 EH/s, while JV operating hashrate was 4.11 EH/s. Average revenue split from joint mining was 60.6%, and the average all-in power cost was US$0.043/kWh.

Canaan monetized 3,952 ETH and 54 BTC for about US$13.9 million in cash and used US$5.4 million of this to repurchase roughly 13.6 million ADSs, bringing year-to-date repurchases to about 16.4 million ADSs. Computing equipment for its Canadian compute heat recovery greenhouse has arrived, with installation underway. The company’s global installed computing power reached 14.96 EH/s across 13 active projects, including paused operations in Ethiopia that still contribute to installed hashrate.

Positive

• 44 BTC mined in August 2026, supported by installed hashrate of 10.05 EH/s (non-JV) and 4.92 EH/s (JV)
• Month-end digital asset position of 1,868 BTC on the balance sheet and 0 ETH
• Average all-in power cost during August of US$0.043/kWh, supporting competitive mining economics
• Monetized 3,952 ETH and 54 BTC for approximately US$13.9 million in cash
• Deployed US$5.4 million to repurchase about 13.6 million ADSs, totaling roughly 16.4 million ADSs repurchased year-to-date
• Global installed computing power of 14.96 EH/s across 13 active mining projects as of August 31, 2026

Negative

• Mining operations in Ethiopia are paused, even though the related 4.96 EH/s hashrate remains counted as installed

Market Context

A -0.65% 24-hour reaction followed Canaan's July 2026 mining update, which also reported monthly pro...

Analysis

A -0.65% 24-hour reaction followed Canaan's July 2026 mining update, which also reported monthly production and hashrate metrics; that comparable operating disclosure added a prior market response for assessing this August release.

Key Figures

Bitcoin Mined: 44 BTC Non-JV Installed Hashrate: 10.05 EH/s JV Installed Hashrate: 4.92 EH/s +5 more

Bitcoin Mined

44 BTC

August 2026

Non-JV Installed Hashrate

10.05 EH/s

August 31, 2026

JV Installed Hashrate

4.92 EH/s

August 31, 2026

ETH Sold

3,952 ETH

Late August 2026 treasury monetization

BTC Sold

54 BTC

Late August 2026 treasury monetization

Cash Generated

US$13.9 million

From ETH and BTC sales

ADSs Repurchased

13.6 million ADSs

Late August 2026

Bitcoin Treasury

1,868 BTC

August 31, 2026 balance sheet

Previous Crypto Reports

1 past event · Latest: Aug 17

Same Type 1 event

1. Aug 17

   July mining update

   24h Move

   -0.7%

   Reported monthly bitcoin production, hashrate, power cost, and treasury metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

american depositary shares, hashrate, all-in power cost

3 terms

american depositary shares financial

"repurchase approximately 13.6 million American Depositary Shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

hashrate technical

"maintained our non-JV installed hashrate at 10.05 EH/s"

Hashrate is a measure of how quickly a computer network can process and verify transactions, often expressed as the number of calculations it can perform in a second. Think of it like the engine power of a car; the higher the hashrate, the more work the network can do in a given time. For investors, a higher hashrate generally indicates a more secure and robust network, which can influence confidence and the value of related digital assets.

all-in power cost technical

"Average All-in Power Cost During the Month"

All-in power cost is the total expense of producing one unit of electricity, including both the direct costs of generating power and additional expenses like maintenance, fuel, and operational overhead. It provides a comprehensive view of how much it costs to generate electricity, helping investors assess the profitability and competitiveness of power producers. Understanding this cost is important because it influences pricing, investment decisions, and the ability of a company to stay profitable in changing market conditions.

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Sold all ETH holdings and 54 BTC near short-term highs and repurchased 13.6 million ADSs

 Equipment installation set to begin at Canadian compute heat recovery project

SINGAPORE, Sept. 14, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in compute and energy infrastructure, today released its unaudited bitcoin mining update for the month ending August 31, 2026.

Management Commentary

"August was a month of steady execution and active capital allocation for the Company," said Nangeng Zhang, chairman and chief executive officer of Canaan. "We mined 44 BTC during the month and maintained our non-JV installed hashrate at 10.05 EH/s, supported by the competitive all-in power cost. Our joint venture installed hashrate continued to advance, reaching 4.92 EH/s at month-end."

Zhang continued, "In late August, we began converting a portion of our digital asset treasury into shareholder value. We sold our entire Ethereum position of 3,952 ETH along with 54 BTC at average prices of approximately US$2,400 per ETH and US$79,000 per BTC, respectively, reflecting the relatively favorable market conditions at the time and generating approximately US$13.9 million in cash. We used a portion of the proceeds to repurchase approximately 13.6 million American Depositary Shares ("ADSs"), bringing total repurchased ADSs to approximately 16.4 million since the beginning of the year. At month-end, we hold 1,868 BTC and remain committed to a strategic digital asset treasury. Our ability to produce bitcoin at a competitive cost provides a source of capital generated through our own operations, giving us flexibility in allocating capital toward long-term per-share value."

"We continue to build toward a more integrated computing and energy platform. At our compute heat recovery greenhouse project in Canada, the computing equipment has arrived on site, with installation now underway ahead of the winter heating season. Through disciplined capital allocation and continued execution of our energy efficiency initiatives, we remain focused on building a more resilient platform and creating sustainable value for our shareholders."

August 2026 Bitcoin Mining Updates (unaudited)

Key Metrics	Results (Rounded Numbers)
Bitcoins Mined During the Month	44 BTC
Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet[1]	1,868 BTC 0 ETH
Month-End Installed Hashrate (EH/s)	Non-JV: 10.05 EH/s JV[5]: 4.92 EH/s
Month-End Operating Hashrate (EH/s)[2]	Non-JV: 10.05 EH/s JV[5]: 4.11 EH/s
Month-End Average Revenue Split[3]	60.6% (excluding JV ownership)
Average All-in Power Cost During the Month[4]	US$0.043/kWh

August 2026 Bitcoin Mining Infrastructure Updates (unaudited)

	North America	Non-North America	Global
Month-End Average Miner Efficiency	Non-JV: 17.9 J/TH JV[5]: 24.7 J/TH	29.3 J/TH	Non-JV: 23.7 J/TH JV[5]: 24.7 J/TH
Month-End Installed Power Capacity	Non-JV: 88.7 MW JV[5]: 120 MW	157.5 MW	Non-JV: 246.2 MW JV[5]: 120 MW

 

Notes:

[1] Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, and excluding bitcoins and ETH received as customer deposits.

[2] Defined as the operating hashrate that could theoretically be generated by all energized mining machines as of month-end, including machines that may be temporarily offline, and applies only to non-JV operations.

[3] Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.

[4] Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.

[5] "JV" represents the Company's 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.

 

Current Mining Projects (As of August 31, 2026):
Regions in alphabetical order (A to Z)	Active Mining Projects Count	Operating Computing Power[6]	Installed Computing Power[7]	Expected Computing Power[8]	Estimated Total Computing Power[9]
Global	13	14.15 EH/s	14.96 EH/s	0.27 EH/s	15.23 EH/s
America	4	4.90 EH/s	4.90 EH/s	0.00 EH/s	4.90 EH/s
JV-WindHQ	3	4.11 EH/s	4.92 EH/s	0.00 EH/s	4.92 EH/s
Canada	2	0.06 EH/s	0.06 EH/s	0.27 EH/s	0.33 EH/s
Ethiopia[10]	2	4.96 EH/s	4.96 EH/s	0.00 EH/s	4.96 EH/s
Middle East	1	0.04 EH/s	0.04 EH/s	0.00 EH/s	0.04 EH/s
Malaysia	1	0.08 EH/s	0.08 EH/s	0.00 EH/s	0.08 EH/s

 

Notes:

[6] Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline, and applies only to non-JV operations.

[7] Defined as the sum of Operating Computing Power and computing power that has been installed but not yet in operation, if any.

[8] Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.

[9] Defined as the sum of Installed Computing Power and Expected Computing Power.

[10] Canaan has paused its mining operations in Ethiopia, but its hashrate remains part of the Company's installed hashrate.

Recent Corporate Updates:

Authorized Share Repurchase Using Portion of Digital Asset Treasury

On August 4, 2026, the Company announced that it authorized its management to monetize a portion of its digital asset treasury to fund repurchases of its ADSs. The repurchases will be executed under the Company's existing share repurchase program authorized by its board of directors on December 12, 2025. Management believes the current market value does not fully reflect the Company's underlying assets and performance. The decision to allocate a portion of digital asset treasury toward ADS repurchases reflects management's confidence in the Company's strategy and represents a disciplined approach to capital allocation, focused on enhancing long-term shareholder value.

As of September 14, 2026, the Company had monetized 3,952 ETH and 54 BTC for US$13.9 million in cash and deployed US$5.4 million to repurchase 13.6 million ADSs in late August.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com

Media Contact

BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com

View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-august-2026-bitcoin-production-and-mining-operation-updates-302877447.html

SOURCE Canaan Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How are Canaan's non-JV and JV hashrates and power capacities structured geographically?

As of August 31, 2026, North America non-JV installed power capacity was 88.7 MW with JV capacity at 120 MW, while non-North America installed capacity was 157.5 MW. This resulted in global installed power capacity of 246.2 MW for non-JV operations and 120 MW for JV operations. Month-end average miner efficiency in North America was 17.9 J/TH for non-JV and 24.7 J/TH for JV, compared with 29.3 J/TH in non-North America and global averages of 23.7 J/TH (non-JV) and 24.7 J/TH (JV).

What is the status of Canaan's current mining projects by region?

Globally, Canaan reported 13 active mining projects with 14.15 EH/s operating computing power, 14.96 EH/s installed computing power, 0.27 EH/s expected computing power and 15.23 EH/s estimated total computing power. America had 4 projects with 4.90 EH/s operating and installed computing power. The JV-WindHQ projects in West Texas (3 projects) had 4.11 EH/s operating and 4.92 EH/s installed computing power. Canada had 2 projects with 0.06 EH/s operating, 0.06 EH/s installed and 0.27 EH/s expected computing power, for 0.33 EH/s estimated total.

How much computing power is associated with Ethiopia, and what is its operational status?

Ethiopia accounts for 4.96 EH/s of operating and installed computing power and is included in the company’s installed hashrate. Canaan has paused its mining operations in Ethiopia, but this hashrate remains part of its reported installed computing power.

What is Canaan doing at its Canadian compute heat recovery greenhouse project?

At the Canadian compute heat recovery greenhouse project, computing equipment has arrived on site, and installation is underway ahead of the winter heating season. The company describes this as part of its effort to build a more integrated computing and energy platform and to advance energy efficiency initiatives.

Under what authorization are the recent ADS repurchases being made?

On August 4, 2026, Canaan authorized management to monetize a portion of its digital asset treasury to fund ADS repurchases. The repurchases are conducted under the existing share repurchase program authorized by the board of directors on December 12, 2025. As of September 14, 2026, US$5.4 million from the monetized US$13.9 million had been used to repurchase about 13.6 million ADSs.