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

Rhea-AI Summary

Canaan (NASDAQ: CAN) reported unaudited January 2026 mining results, with a record cryptocurrency treasury of 1,778 BTC and 3,951 ETH, 83 BTC mined in January, and month-end deployed hashrate of 10.07 EH/s (operating hashrate 6.63 EH/s).

Key operational metrics: global average miner efficiency 24.2 J/TH, average all-in power cost US$0.043/kWh, and month-end average revenue split 58.2%. The company highlighted a 3.0 MW heat-recovery proof-of-concept in Manitoba and a renewed US$30 million buyback program (about 2.8 million ADS repurchased for US$2 million to date).

Positive

• Record cryptocurrency treasury: 1,778 BTC and 3,951 ETH
• Month production of 83 BTC, adding to balance-sheet reserves
• Deployed global hashrate exceeded 10.07 EH/s at month-end
• Proof-of-concept 3.0 MW compute heat recovery project in Manitoba
• Renewed US$30 million share buyback program; US$2 million repurchased

Negative

• Operating hashrate 6.63 EH/s materially below deployed 10.07 EH/s
• Significant regional efficiency gap: North America 19.3 J/TH vs non‑North America 29.0 J/TH
• Average all-in power cost of US$0.043/kWh may pressure margins if energy prices rise
• Winter Storm Fern required curtailment, indicating weather-driven operational risk

Key Figures

Bitcoins mined: 83 BTC Bitcoin treasury: 1,778 BTC ETH treasury: 3,951 ETH +5 more

8 metrics

Bitcoins mined 83 BTC January 2026 production

Bitcoin treasury 1,778 BTC Month-end January 2026 balance sheet

ETH treasury 3,951 ETH Month-end January 2026 balance sheet

Deployed hashrate 10.07 EH/s Month-end January 2026

Operating hashrate 6.63 EH/s Month-end January 2026

Average power cost US$0.043/kWh January 2026 all-in power cost

Miner efficiency 24.2 J/TH Global average, January 2026

Share buyback size US$30 million Renewed program over 12 months from Dec 12, 2025

Market Reality Check

Price: $0.6079 Vol: Volume 12,737,336 vs 20-d...

low vol

$0.6079 Last Close

Volume Volume 12,737,336 vs 20-day average 21,499,111 suggests trading was lighter than recent norms before this update. low

Technical Shares at 0.6079 were trading below the 0.86 200-day MA, indicating a longer-term downward trend into this crypto update.

Peers on Argus

Momentum scanner did not flag a sector-wide move. While several hardware peers s...

Momentum scanner did not flag a sector-wide move. While several hardware peers showed single-day gains (e.g., UMAC +9.77%, NNDM +9.33%, DDD +4.82%), these were not part of a coordinated move tied to this news.

Previous Crypto Reports

5 past events · Latest: Jan 14 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 14	Crypto ops update	Positive	+1.8%	Reported strong December mining metrics and record BTC and ETH treasury levels.
Dec 10	Crypto ops update	Positive	-2.3%	Detailed November BTC production, record treasury, and expanding hashrate and power.
Nov 17	Industry white paper	Positive	-4.4%	Industry report highlighted Canaan’s ranking and trends in mining hardware demand.
Nov 12	Crypto ops update	Positive	-2.7%	Outlined October BTC output, expanding treasury, and new products and pilot projects.
Nov 04	Capital raise	Negative	-14.6%	Announced US$72M registered direct ADS offering with significant new share issuance.

Pattern Detected

Crypto operations updates have often been operationally positive yet followed by mixed or negative price reactions, with only one of the last five crypto-tagged events seeing a positive aligned move.

Recent Company History

Over recent months, Canaan’s crypto-tagged news has focused on scaling bitcoin mining, building its digital asset treasury, and securing strategic capital. From October to December 2025, BTC mined per month stayed in the 80–90 BTC range while deployed hashrate climbed above 9 EH/s and treasury rose from 1,610 BTC to 1,750 BTC. A US$72M registered offering funded further infrastructure. This January 2026 update continues that trajectory with record BTC holdings and over 10 EH/s deployed globally.

Historical Comparison

crypto

-4.4 %

Average Historical Move

Historical Analysis

Across the last five crypto-tagged events, average move was -4.43%, showing that mining and treasury updates have often coincided with modest downside or muted reactions.

Typical Pattern

Crypto-tagged releases show a steady build-out: treasury rising from 1,610 BTC in October to 1,750 BTC by December, hashrate moving above 9 EH/s, and ongoing infrastructure and capital deployment to support larger-scale mining.

Market Pulse Summary

This announcement highlights record cryptocurrency reserves of 1,778 BTC and 3,951 ETH, along with o...

Analysis

This announcement highlights record cryptocurrency reserves of 1,778 BTC and 3,951 ETH, along with over 10 EH/s of deployed hashrate and low power costs of US$0.043/kWh. Compared with prior crypto updates, it extends a trend of scaling infrastructure and treasury. Investors may monitor how efficiency metrics like 24.2 J/TH, energy reuse projects, and execution on the US$30M buyback evolve alongside upcoming financial results and listing compliance milestones.

Key Terms

hashrate, ETH, kWh, MW, +2 more

6 terms

hashrate technical

"We delivered 83 BTC and expanded our deployed hashrate to over 10 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.

ETH technical

"cryptocurrency reserve reached a record high of 1,778 BTC and 3,951 ETH"

ETH is the native digital currency of the Ethereum blockchain, used to pay for transactions and to run programs on that network. For investors it matters because owning ETH is both a way to access and use the platform (like buying fuel to run an app) and a speculative asset whose price reflects demand for the network, changes to its supply rules, and broader crypto market sentiment.

kWh technical

"Average All-in Power Cost During the Month 3 | US$0.043 /kWh"

A kWh (kilowatt-hour) is a measure of energy equal to running a 1,000-watt appliance for one hour; think of it like a gallon of gasoline but for electricity. Investors care because electricity prices and contracts are quoted in kWh, so it directly affects operating costs, utility revenues, project economics for power plants and batteries, and the value of efficiency or renewable energy investments.

MW technical

"Month-End Installed Power Capacity | 95.7 MW | 157.5 MW | 253.3 MW"

A megawatt (MW) is a unit of electrical power equal to one million watts, used to describe how much energy a power plant, solar farm, wind turbine or industrial facility can produce or consume at a given moment. Investors watch MW figures because they signal the size and revenue potential of energy assets or projects—much like knowing the horsepower of a car tells you how powerful it is—so capacity changes, upgrades or sales can affect future earnings and value.

computing power technical

"Energized Computing Power 4 | Installed Computing Power 5 | Expected Computing Power"

Computing power is the ability of computers or data centers to carry out calculations, run software and handle many tasks at once — think of it as a machine’s horsepower for digital work. For investors, higher computing power can mean a company can run faster analytics, support more users, train advanced AI models, or process transactions more cheaply, which affects costs, revenue potential and competitive advantage.

American depositary shares financial

"buyback of up to US$30 million of its outstanding 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.

AI-generated analysis. Not financial advice.

Achieved record high cryptocurrency treasury of 1,778 BTC and 3,951 ETH

Deployed global hashrate exceeded 10 EH/s

SINGAPORE, Feb. 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending January 31, 2026.

Management Commentary

"Our results for January 2026 demonstrate the resilience and adaptability of our global mining operations," said Nangeng Zhang, chairman and CEO of Canaan. "Despite macroeconomic headwinds and record winter storms across North America, our operational discipline allowed us to increase our bitcoin balance. As part of our joint mining arrangement, our joining mining partners worked closely with us on curtailment to balance power loads during high-demand periods, including in areas affected by Winter Storm Fern. These actions were aimed at maximizing long-term economics and highlight both the agility of our operating model and the inherent flexibility of bitcoin mining."

"We delivered 83 BTC and expanded our deployed hashrate to over 10 EH/s, maintaining an operating hashrate of 6.63 EH/s at month-end. Following the conversion of stablecoin proceeds from the sale of miners into bitcoins, our cryptocurrency reserve reached a record high of 1,778 BTC and 3,951 ETH. In addition, our global average miner efficiency improved slightly to 24.2 J/TH, underscoring our operational consistency."

"Looking ahead, we remain long-term Bitcoin believers. In addition to our core business, we are focused on additional ways to advance energy reuse and continue expanding into the home mining segment, which offers attractive margins with limited capital intensity."

January 2026 Bitcoin Mining Updates (unaudited)

Key Metrics	Results (Rounded Numbers)
Bitcoins Mined During the Month	83 BTC
Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1	1,778 BTC 3,951 ETH
Month-End Deployed Hashrate (EH/s)	10.07 EH/s
Month-End Operating Hashrate (EH/s)	6.63 EH/s
Month-End Average Revenue Split2	58.2 %
Average All-in Power Cost During the Month3	US$0.043/kWh

January 2026 Bitcoin Mining Infrastructure Updates (unaudited)

	North America	Non-North America	Global
Month-End Average Miner Efficiency	19.3 J/TH	29.0 J/TH	24.2 J/TH
Month-End Installed Power Capacity	95.7 MW	157.5 MW	253.3 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 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.

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

Current Mining Projects (As of January 31, 2026):
Regions in alphabetical order (A to Z)	Active Mining Projects Count	Energized Computing Power4	Installed Computing Power5	Expected Computing Power6	Estimated Total Computing Power7
Global	9	6.63 EH/s	10.07 EH/s	0.59 EH/s	10.66 EH/s
America	4	3.45 EH/s	4.95 EH/s	0.27 EH/s	5.22 EH/s
Canada	1	0.00 EH/s	0.00 EH/s	0.16 EH/s8	0.16 EH/s
Ethiopia	2	3.06 EH/s	4.99 EH/s	0.16 EH/s	5.15 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:

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 Canada.

Recent Corporate Updates:

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 Manitoba, Canada, to recover heat from an Avalon computing system and utilize it as a supplemental source for greenhouse operations. The project aims for 95% uptime and an estimated approximately 90% capture and transfer of electricity consumed by the computing servers for supplemental heating, demonstrating the Company's role at the forefront of monetizing thermal output from specialized computing infrastructure.

Update on the Renewed US$30 Million Share Buyback Program

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 US$30 million of its outstanding American depositary shares or Class A ordinary shares over a 12-month period beginning December 12, 2025. As of February 10, 2026, the Company has repurchased approximately 2.8 million ADSs for a total of US$2 million under the program, reflecting management's confidence in the Company's financial position and long-term growth relative to market pricing.

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

View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-january-2026-bitcoin-production-and-mining-operation-updates-302683651.html

SOURCE Canaan Inc.

FAQ

How many bitcoins did Canaan (CAN) mine in January 2026?

Canaan mined 83 BTC in January 2026. According to the company, this production contributed to a record treasury of 1,778 BTC and reflects ongoing mining activity despite seasonal curtailments and storms.

What is Canaan's month-end deployed and operating hashrate for January 2026 (CAN)?

Month-end deployed hashrate was 10.07 EH/s with operating hashrate at 6.63 EH/s. According to the company, some capacity remained installed but offline due to curtailment and staged installations.

What does Canaan's renewed US$30 million buyback program mean for CAN shareholders?

The board authorized up to US$30 million for repurchases; US$2 million was spent so far. According to the company, buybacks signal management confidence and may support shareholder value over the 12‑month program period.

What efficiency and power-cost metrics did Canaan (CAN) report for January 2026?

Global average miner efficiency was 24.2 J/TH and average all-in power cost was US$0.043/kWh. According to the company, efficiency improved slightly and power costs are presented as a weighted global average.

What is the scope of Canaan's 3.0 MW heat recovery pilot in Canada (CAN)?

The project is a 3.0 MW computing heat recovery proof-of-concept in Manitoba to reuse server heat for greenhouse supplemental heating. According to the company, it targets ~90% capture and ~95% uptime for the pilot.

How large is Canaan's cryptocurrency reserve after January 2026 and how was it achieved (CAN)?

Canaan's balance-sheet reserve reached 1,778 BTC and 3,951 ETH. According to the company, this includes BTC acquired from miner sales proceeds converted to bitcoin and monthly mining production.