Canaan Inc. Provides December 2025 Bitcoin Production and Mining Operation Updates
Rhea-AI Summary
Canaan (NASDAQ: CAN) provided its unaudited December 2025 bitcoin mining update, reporting deployed hashrate of 9.91 EH/s and operating hashrate of 7.65 EH/s by month-end. Management said deployed hashrate rose 82% year-over-year and operating hashrate rose 61% year-over-year, outpacing ~34% global network growth. December production was 86 BTC. Year-end treasury reached record highs of 1,750 BTC and 3,951 ETH. Installed power capacity exceeded 250.4 MW globally, average miner efficiency improved to 24.3 J/TH, and average all-in power cost was US$0.043/kWh. The board renewed a US$30 million share buyback program.
Positive
- Deployed hashrate up 82% year-over-year
- Operating hashrate up 61% year-over-year
- Record treasury: 1,750 BTC and 3,951 ETH
- Installed power capacity 250.4 MW global
- Bitcoin mined in December: 86 BTC
Negative
- 776 BTC deployed for power-related expenditures in 2025
- Installed minus energized computing power: 2.26 EH/s (9.91 vs 7.65 EH/s)
- Average all-in power cost: US$0.043/kWh
News Market Reaction
On the day this news was published, CAN gained 1.79%, reflecting a mild positive market reaction. Argus tracked a peak move of +5.6% during that session. Argus tracked a trough of -12.6% from its starting point during tracking. Our momentum scanner triggered 29 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $9M to the company's valuation, bringing the market cap to $535M at that time. Trading volume was elevated at 2.4x the daily average, suggesting notable buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
CAN was up 4.33% while key hardware peers were mixed (e.g., NNDM up 1.17%, DDD down 5.98%), and only one peer appeared in momentum scans, pointing to stock‑specific drivers.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 08 | Investor conference | Positive | +2.5% | Participation in Needham Growth Conference and webcasted presentation. |
| Jan 06 | Efficiency initiative | Positive | -2.2% | 3.0 MW Manitoba heat‑recovery PoC to monetize compute heat. |
| Dec 17 | Share buyback | Positive | -1.8% | Renewed <b>US$30M</b> share repurchase program over 12 months. |
| Dec 10 | Crypto ops update | Positive | -2.3% | November 2025 bitcoin‑mining KPIs and record crypto treasury. |
| Nov 19 | Hosting agreement | Positive | -6.5% | Strategic hosting deal for 20 MW (~1 EH/s) at Project Dorothy. |
Recent news, especially crypto and capital-raising items, often saw negative price reactions even when operational or strategic messaging was constructive, suggesting a pattern of skeptical responses to positive headlines.
Over the last few months, Canaan has highlighted multiple crypto‑related and strategic milestones. Crypto operations updates in Oct–Nov 2025 showed rising BTC production, expanding hashrate, and growing power capacity, yet shares sold off after those releases. A US$72M registered direct offering and a renewed US$30M buyback in Nov–Dec 2025 also drew negative reactions. More recently, energy‑efficiency initiatives and an investor conference appearance generated mixed, mostly modest moves. Today’s December crypto update fits this ongoing operational‑growth narrative.
Market Pulse Summary
This announcement highlights continued scaling of Canaan’s mining operations, including 86 BTC mined in December, record holdings of 1,750 BTC and 3,951 ETH, and global installed capacity of 250.4 MW. Deployed and operating hashrates of 9.91 and 7.65 EH/s, along with 24.3 J/TH efficiency and US$0.043/kWh power costs, extend trends from prior monthly crypto updates. Investors may track future production, treasury changes, and infrastructure projects to gauge execution against these growth signals.
Key Terms
hashrate technical
eh/s technical
kwh technical
AI-generated analysis. Not financial advice.
Deployed hashrate up
Cryptocurrency treasury reaches record highs of 1,750 BTC and 3,951 ETH
Installed power capacity exceeded 250 MW globally
Management Commentary
"We closed 2025 with solid bitcoin production and continued growth in deployed hashrate, despite a challenging yet evolving macroeconomic environment at the year-end," said Nangeng Zhang, chairman and CEO of Canaan. "As of December, our operating hashrate increased by
"During the recent pullback in network hashprice, we prioritized fleet operations optimization, miner efficiency, and continuing expansion of installed power capacity across our global sites. By month-end, our global average miner efficiency improved to 24.3 J/TH and installed power capacity increased to 250.4 MW, solidifying our foundation for future growth."
"As we enter 2026, we are encouraged by improving market conditions and remain confident in bitcoin's long‑term potential. We believe that bitcoin will become increasingly integrated with the global energy landscape. Consistent with this view, we are advancing the convergence of mining and energy solutions through targeted energy-efficiency initiatives, while supporting greater network resilience by empowering individuals to participate in the network building through multi-functional home-use mining machines. These efforts are intended to strengthen network decentralization, enable practical energy reuse, and reinforce bitcoin's long-term resilience, while supporting the Company's sustainable growth strategy."
* Source: TheMinerMag online, January 8, 2026.
2025 Full-Year Treasury Activity Highlights
Throughout 2025, Canaan's treasury strategy remained focused on operational reinvestment and reserve scaling. During the year, the Company added 1,091 BTC through mining operations and 128 BTC through market purchases. These inflows were partially offset by 776 BTC deployed for power-related expenditures. In addition, the Company received 13 BTC from sales-related income and 0.83 BTC in interest income. Collectively, these movements brought the Company's bitcoin holdings to 1,750 BTC as of December 31, 2025, a
Meanwhile, the Company's ETH holdings increased from 3 ETH as of December 31, 2024, to 3,951 ETH as of December 31, 2025. This increase was primarily driven by the acquisition of 3,931 ETH from the conversion of stablecoins received by the Company from machine sales, with an additional 17 ETH received from sales-related inflows.
Overall, these results underscored the Company's disciplined treasury approach, active balance sheet management, and long-term belief in the value of digital assets as part of its corporate asset base. The year-end cryptocurrency positions mark a new historical high for Canaan, providing financial flexibility and a strong foundation for future initiatives.
December 2025 Bitcoin Mining Updates (unaudited)
Key Metrics | Results (Rounded Numbers) |
Bitcoins Mined During the Month | 86 BTC |
Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1 | 1,750 BTC 3,951 ETH |
Month-End Deployed Hashrate (EH/s) | 9.91 EH/s |
Month-End Operating Hashrate (EH/s) | 7.65 EH/s |
Month-End Average Revenue Split2 | 57.5 % |
Average All-in Power Cost During the Month3 |
December 2025 Bitcoin Mining Infrastructure Updates (unaudited)
Non- | Global | ||
Month-End Average Miner Efficiency | 19.4 J/TH | 29.0 J/TH | 24.3 J/TH |
Month-End Installed Power Capacity | 92.9 MW | 157.5 MW | 250.4 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, excluding bitcoins and ETH that the Company has received as customer deposits.
2. Defined as the weighted average percentage that Canaan would share from the total revenues generated according to the applicable joint mining arrangements if
3. Defined as the weighted average cost of power if
Current Mining Projects (As of December 31, 2025)： | |||||
Regions | Active Mining Projects Count | Energized Power4 | Installed Power5 | Expected Power6 | Estimated Total Computing Power7 |
Global | 9 | 7.65 EH/s | 9.91 EH/s | 0.77 EH/s | 10.68 EH/s |
America | 4 | 3.78 EH/s | 4.79 EH/s | 0.32 EH/s | 5.11 EH/s |
1 | 0.00 EH/s | 0.00 EH/s | 0.16 EH/s8 | 0.16 EH/s | |
2 | 3.76 EH/s | 4.99 EH/s | 0.29 EH/s | 5.29 EH/s | |
1 | 0.04 EH/s | 0.04 EH/s | 0 EH/s | 0.04 EH/s | |
1 | 0.08 EH/s | 0.08 EH/s | 0 EH/s | 0.08 EH/s | |
Notes:
4. 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.
5. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
6. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.
7. Defined as the sum of Installed Computing Power and Expected Computing Power.
8. Equipment is in transit to the gas-to-computing pilot project site in
Recent Corporate Updates:
Renewed
On December 17, 2025, the Company announced that its board of directors approved the renewal of a share repurchase program authorizing the buyback of up to
Expanded Energy Efficiency Initiatives with 3 MW Compute Heat Recovery Proof-of-Concept
On January 6, 2026, the Company announced a 3.0 MW proof-of-concept project in
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
Public Relations Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com
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SOURCE Canaan Inc.
FAQ
How much bitcoin did Canaan (CAN) mine in December 2025?
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