Canaan Inc. Provides February 2026 Bitcoin Production and Mining Operation Updates
Rhea-AI Summary
Canaan (NASDAQ: CAN) released its unaudited bitcoin mining update for February 2026, reporting 86 BTC mined and month-end treasury of 1,793 BTC and 3,952 ETH (estimated US$128 million, excluding JV holdings). Month-end deployed hashrate reached 14.75 EH/s including a 4.4 EH/s West Texas JV; average all-in power cost was US$0.044/kWh. The company completed a non-cash equity acquisition of Cipher Mining's 49% interest in ABC Projects (~4.4 EH/s) for ~US$39.75 million consideration and added 6,840 miners and 120 MW of North America power capacity.
AI-generated analysis. Not financial advice.
Positive
- Treasury of 1,793 BTC and 3,952 ETH (record-high holdings)
- Deployed hashrate 14.75 EH/s including 4.4 EH/s JV
- Revenue growth +121.1% YoY in 4Q25 to US$196.3M
- Acquisition added ~4.4 EH/s and 120 MW U.S. power capacity
- Non-cash transaction valued at US$39.75M expands U.S. footprint
Negative
- Operating hashrate 6.90 EH/s (Non-JV) remains below deployed capacity
- Average all-in power cost of US$0.044/kWh may pressure margins versus sub-$0.03/kWh JV rates
- Consideration issued at US$0.74 per ADS dilutes existing shareholders
News Market Reaction – CAN
On the day this news was published, CAN declined 6.16%, reflecting a notable negative market reaction. Argus tracked a peak move of +2.2% during that session. Our momentum scanner triggered 6 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $22M from the company's valuation, bringing the market cap to $337.70M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peer hardware names showed mixed moves, from -6.59% (UMAC) to +16.74% (DDD). Momentum scanner only flagged YIBO at about -5%, suggesting today’s setup around CAN is more stock-specific than sector-driven.
Previous Crypto Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 10 | Mining update | Positive | -6.9% | Reported record January treasury, 83 BTC mined, and higher deployed hashrate. |
| Jan 14 | Mining update | Positive | +1.8% | December update showing record treasury, rising hashrate, and improved power metrics. |
| Dec 10 | Mining update | Positive | -2.3% | November results with 89 BTC mined and higher operating hashrate and capacity. |
| Nov 17 | Industry report | Positive | -4.4% | White paper highlighting Canaan’s rank by computing power sold and industry trends. |
| Nov 12 | Mining update | Positive | -2.7% | October update with 92 BTC mined, greater capacity, and product/commercial wins. |
Crypto operations updates have generally been followed by modestly negative next-day moves, with only one positive reaction among recent crypto-tagged events.
Recent history shows Canaan steadily scaling its bitcoin operations and treasury. Prior crypto updates in Oct–Dec 2025 and Jan 2026 highlighted rising deployed hashrate, growing BTC and ETH reserves, and low power costs, yet average next-day reaction was slightly negative at about -2.88%. Today’s February 2026 mining update continues this pattern of operational expansion and record treasury levels, alongside broader strategic steps in North American power capacity and energy integration.
Historical Comparison
Across recent crypto-tagged updates, CAN’s average next-day move was about -2.88%, showing that detailed mining reports and treasury growth have not consistently translated into positive price reactions.
Crypto-tagged news has tracked Canaan’s progression from rising hashrate and BTC production in late 2025 to record BTC and ETH treasuries, expanding installed power capacity, and improving all-in power costs into early 2026.
Market Pulse Summary
The stock moved -6.2% in the session following this news. A negative reaction despite operational growth would fit prior crypto updates, which saw an average next-day move of about -2.88%. The stock already traded well below its 200-day MA of 0.84 and closer to its 52-week low of 0.425, so further weakness would underscore market skepticism toward mining growth and treasury accumulation, even as Canaan deepens its North American energy footprint.
Key Terms
hashrate technical
eh/s technical
mw technical
ercot technical
demand response technical
energy arbitrage technical
AI-generated analysis. Not financial advice.
Doubles down on energy strategy with
Management Commentary
"Our continued strategic execution highlights the importance of integrating energy resources into our strategy as we strengthen our focus on expanding our US footprint and continuing our long-standing track record of operational excellence," said Nangeng Zhang, chairman and chief executive officer of Canaan. "In February, we produced 86 BTC, bringing our total cryptocurrency holdings to a record-high treasury of 1,793 BTC and 3,952 ETH, with an estimated value of
Zhang continued, "Our mining fleet also continued to expand. By month end, our deployed hashrate reached 14.75 EH/s, including approximately 4.4EH/s at Alborz, Bear and Chief Mountain data centers, which we have acquired a
"With our recent expansion in
February 2026 Bitcoin Mining Updates (unaudited)
Key Metrics | Results (Rounded Numbers) |
Bitcoins Mined During the Month | 86 BTC |
Month-End Bitcoins and ETH Owned by Canaan | 1,793 BTC 3,952 ETH |
Month-End Deployed Hashrate (EH/s) | Non-JV: 10.35 EH/s JV[4]: 4.4 EH/s |
Month-End Operating Hashrate (EH/s) | Non-JV: 6.90 EH/s JV[4]: N/A |
Month-End Average Revenue Split[2] | |
Average All-in Power Cost During the Month[3] |
February 2026 Bitcoin Mining Infrastructure Updates (unaudited)
Non- | Global | ||
Month-End Average | Non-JV: 19.2 J/TH JV[4]: 25.7 J/TH | 29.0 J/TH | Non-JV: 24.0 J/TH JV[4]: 25.7 J/TH |
Month-End Installed | Non-JV: 98.4 MW JV[4]: 120 MW | 157.5 MW | Non-JV: 255.9 MW JV[4]: 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, excluding bitcoins and ETH that the Company has received as customer deposits.
2. Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if
3. Defined as the weighted average cost of power if
4. "JV" represents the Company's
Current Mining Projects (As of February 28, 2026)： | |||||
Regions | Active Mining | Energized | Installed | Expected | Estimated |
Global | 13 | 11.30 EH/s | 14.75 EH/s | 0.32 EH/s | 15.07 EH/s |
America | 5 | 3.53 EH/s | 5.24 EH/s | 0.00 EH/s | 5.24 EH/s |
JV-WindHQ | 3 | 4.40 EH/s | 4.40 EH/s | 0.00 EH/s | 4.40 EH/s |
1 | 0.00 EH/s | 0.00 EH/s | 0.16 EH/s[9] | 0.16 EH/s | |
2 | 3.26 EH/s | 4.99 EH/s | 0.16 EH/s[9] | 5.15 EH/s | |
1 | 0.03 EH/s | 0.04 EH/s | 0.00 EH/s | 0.04 EH/s | |
1 | 0.08 EH/s | 0.08 EH/s | 0.00 EH/s | 0.08 EH/s | |
Notes:
5. 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.
6. Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
7. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.
8. Defined as the sum of Installed Computing Power and Expected Computing Power.
9. Equipment is in transit to the project sites.
Recent Corporate Updates:
Announced CEO and CFO's Increased Shareholdings Through Open Market Purchases
On March 3, 2026, the Company announced that Chairman and Chief Executive Officer Nangeng Zhang and Chief Financial Officer Jin "James" Cheng purchased an additional 1,456,547 ADSs in the open market at an average price of
Acquired Cipher Mining's
On February 23, 2026, the Company acquired Cipher Mining Inc.'s (NASDAQ: CIFR)
Reported Unaudited Fourth Quarter and Full Year 2025 Financial Results
On February 10, 2026, the Company reported its unaudited financial results for the fourth quarter and full year ended December 31, 2025. Total revenues were
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.