Canaan Inc. Provides June 2025 Bitcoin Production and Mining Operation Updates
Canaan Inc. (NASDAQ: CAN) released its June 2025 bitcoin mining update, reporting 88 bitcoins mined during the month, a decrease from May due to weather-related disruptions in Texas and drought-related restrictions in Ethiopia. The company achieved a record 1,484 bitcoins in total holdings and maintains 6.57 EH/s of operating hashrate.
The company is expanding its North American presence with 1 EH/s of new computing power being deployed to U.S. facilities, scheduled for completion by July 2025. Additionally, Canaan is executing a $30 million stock repurchase program, and its executives demonstrated confidence by purchasing 817,268 ADSs at an average price of $0.76 per ADS.
Notably, Canaan plans to discontinue operations in Kazakhstan, with 0.59 EH/s already offline and the remaining 0.22 EH/s to be uninstalled in July 2025 due to changing commercial conditions.
Canaan Inc. (NASDAQ: CAN) ha pubblicato l'aggiornamento sulla produzione di bitcoin di giugno 2025, segnalando la produzione di 88 bitcoin nel mese, in calo rispetto a maggio a causa di interruzioni dovute al maltempo in Texas e restrizioni legate alla siccità in Etiopia. L'azienda ha raggiunto un record di 1.484 bitcoin in totale detenuti e mantiene un hashrate operativo di 6,57 EH/s.
La società sta ampliando la sua presenza in Nord America con l'installazione di 1 EH/s di nuova potenza di calcolo presso le strutture statunitensi, con completamento previsto entro luglio 2025. Inoltre, Canaan sta portando avanti un programma di riacquisto azionario da 30 milioni di dollari e i suoi dirigenti hanno dimostrato fiducia acquistando 817.268 ADS a un prezzo medio di 0,76 dollari per ADS.
In particolare, Canaan prevede di interrompere le operazioni in Kazakhstan, con 0,59 EH/s già fuori servizio e i restanti 0,22 EH/s da disinstallare entro luglio 2025 a causa di cambiamenti nelle condizioni commerciali.
Canaan Inc. (NASDAQ: CAN) publicó su actualización de minería de bitcoin de junio de 2025, reportando 88 bitcoins minados durante el mes, una disminución respecto a mayo debido a interrupciones climáticas en Texas y restricciones por sequía en Etiopía. La compañía alcanzó un récord de 1,484 bitcoins en tenencias totales y mantiene una tasa de hash operativa de 6.57 EH/s.
La empresa está expandiendo su presencia en América del Norte con la implementación de 1 EH/s de nueva potencia informática en instalaciones de EE. UU., con finalización prevista para julio de 2025. Además, Canaan está ejecutando un programa de recompra de acciones por 30 millones de dólares, y sus ejecutivos mostraron confianza al comprar 817,268 ADS a un precio promedio de 0.76 dólares por ADS.
Cabe destacar que Canaan planea descontinuar operaciones en Kazajistán, con 0.59 EH/s ya fuera de línea y los restantes 0.22 EH/s que se desinstalarán en julio de 2025 debido a cambios en las condiciones comerciales.
Canaan Inc. (NASDAQ: CAN)는 2025년 6월 비트코인 채굴 업데이트를 발표하며, 해당 월에 88개의 비트코인을 채굴했다고 보고했습니다. 이는 텍사스의 기상 악화와 에티오피아의 가뭄 관련 제한으로 인해 5월 대비 감소한 수치입니다. 회사는 총 보유량 1,484 비트코인으로 신기록을 세웠으며, 운영 해시레이트는 6.57 EH/s를 유지하고 있습니다.
북미 지역 확장을 위해 미국 시설에 1 EH/s의 신규 컴퓨팅 파워를 배치 중이며, 2025년 7월까지 완료할 예정입니다. 또한, Canaan은 3,000만 달러 규모의 자사주 매입 프로그램을 실행 중이며, 경영진은 주당 평균 0.76달러에 817,268 ADS를 매입하며 자신감을 나타냈습니다.
특히, Canaan은 상업 환경 변화로 인해 카자흐스탄 내 사업을 중단할 계획이며, 이미 0.59 EH/s가 오프라인 상태이고 나머지 0.22 EH/s는 2025년 7월까지 철거할 예정입니다.
Canaan Inc. (NASDAQ : CAN) a publié sa mise à jour sur l'extraction de bitcoins pour juin 2025, rapportant 88 bitcoins extraits au cours du mois, une baisse par rapport à mai en raison de perturbations météorologiques au Texas et de restrictions liées à la sécheresse en Éthiopie. La société a atteint un record de 1 484 bitcoins en total détenu et maintient un taux de hachage opérationnel de 6,57 EH/s.
L'entreprise étend sa présence en Amérique du Nord avec le déploiement de 1 EH/s de nouvelle puissance de calcul dans ses installations américaines, dont l'achèvement est prévu pour juillet 2025. De plus, Canaan exécute un programme de rachat d'actions de 30 millions de dollars, et ses dirigeants ont montré leur confiance en achetant 817 268 ADS à un prix moyen de 0,76 dollar par ADS.
Notamment, Canaan prévoit de cesser ses activités au Kazakhstan, avec 0,59 EH/s déjà hors ligne et les 0,22 EH/s restants devant être désinstallés en juillet 2025 en raison de l'évolution des conditions commerciales.
Canaan Inc. (NASDAQ: CAN) veröffentlichte sein Bitcoin-Mining-Update für Juni 2025 und meldete 88 Bitcoins, die im Monat geschürft wurden, was im Vergleich zum Mai aufgrund wetterbedingter Störungen in Texas und dürrebedingter Einschränkungen in Äthiopien einen Rückgang darstellt. Das Unternehmen erreichte einen Rekord von 1.484 Bitcoins im Gesamtbestand und hält eine operative Hashrate von 6,57 EH/s.
Das Unternehmen erweitert seine Präsenz in Nordamerika mit der Bereitstellung von 1 EH/s neuer Rechenleistung in US-Anlagen, die bis Juli 2025 abgeschlossen sein soll. Zudem führt Canaan ein Aktienrückkaufprogramm im Wert von 30 Millionen US-Dollar durch, und die Führungskräfte zeigten Vertrauen, indem sie 817.268 ADS zu einem Durchschnittspreis von 0,76 US-Dollar pro ADS kauften.
Bemerkenswerterweise plant Canaan, die Aktivitäten in Kasachstan einzustellen, wobei bereits 0,59 EH/s offline sind und die verbleibenden 0,22 EH/s bis Juli 2025 demontiert werden sollen, aufgrund sich ändernder kommerzieller Bedingungen.
- Record high bitcoin holdings of 1,484 BTC on balance sheet
- Expansion of 1 EH/s new computing power in U.S. facilities
- Low average power cost of $0.045/kWh
- Executive confidence demonstrated through purchase of 817,268 ADSs
- $30 million share repurchase program implementation
- Decreased bitcoin production to 88 BTC in June from May's record
- Weather-related disruptions affecting Texas operations
- Drought-related restrictions impacting Ethiopian mining activities
- Complete withdrawal from Kazakhstan operations due to unfavorable conditions
Insights
Canaan faced operational challenges in June but maintained strong bitcoin reserves while continuing North American expansion and stock repurchases.
Canaan's June Bitcoin production saw a notable decrease to 88 BTC from May's record performance. This reduction primarily stemmed from weather-related disruptions in Texas (storms and high temperatures forcing shutdowns) and drought-related electricity restrictions in Ethiopia affecting their green mining operations.
Despite these operational challenges, the company achieved a record 1,484 bitcoins in total holdings, demonstrating their commitment to accumulating bitcoin as a strategic reserve. This approach provides financial flexibility while potentially capitalizing on future bitcoin appreciation.
The company's operating hashrate decreased to 6.57 EH/s from their deployed capacity of 8.15 EH/s, indicating approximately 19% of their deployed mining equipment was offline during June. The $0.045/kWh average power cost remains competitive within the industry, helping maintain profitability despite production challenges.
Canaan is expanding North American operations with approximately 1 EH/s of new computing power being installed by July's end, representing a roughly 27% increase to their current American hashrate. Simultaneously, they're phasing out operations in Kazakhstan (planning to uninstall the remaining 0.22 EH/s in July) due to changing commercial conditions - likely related to Kazakhstan's increasingly restrictive stance toward crypto mining.
The company's global machine efficiency varies significantly between regions, with North American operations averaging 20.1 J/TH versus 29.7 J/TH elsewhere. This 32% efficiency advantage in North America helps explain their strategic focus on expanding there despite already having larger capacity (139.6 MW) in non-North American locations.
Management's confidence is further evidenced by the $30 million stock repurchase program and executive share purchases at $0.76 per ADS. These capital allocation decisions suggest leadership believes the company's market valuation doesn't reflect their long-term prospects, particularly as they continue strengthening their bitcoin reserves and operational footprint.
Management Commentary
"Our June production numbers demonstrated the resilience of our mining operations," said Nangeng Zhang, chairman and chief executive officer of Canaan, "Following a record-breaking May, June production totaled 88 bitcoins, primarily due to a temporary reduction in operating hashrate. The decrease was primarily due to reduced uptime from weather-related curtailment and maintenance. During the month, certain areas of
"Importantly, we continued to build our bitcoin reserves, closing June with a record high of 1,484 bitcoins in our total cryptocurrency holdings. This milestone underscores both our financial strength and our long-term commitment to strategically accumulating bitcoin. This marks a new record for our cryptocurrency holdings, reinforcing our financial flexibility and commitment to building strategic bitcoin reserves.
"At the same time, we continued advancing our North American expansion, with approximately 1 EH/s of new computing power currently en route to our
"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."
June 2025 Bitcoin Mining Updates (unaudited) | |
Key Metrics | Results (Rounded Numbers) |
Bitcoins Mined During the Month | 88 Bitcoins |
Month-End Bitcoins Owned by Canaan Inc. on | 1,484 Bitcoins |
Month-End Deployed Hashrate (EH/s) | 8.15 EH/s |
Month-End Operating Hashrate (EH/s) | 6.57 EH/s |
Month-End Average Revenue Split[2] | 62.3 % |
Average All-in Power Cost During the Month[3] | |
June 2025 Bitcoin Mining Infrastructure Updates (unaudited) | |||
Non- | Global | ||
Month-End Average | 20.1 J/TH | 29.7 J/TH | 26.3 J/TH |
Month-End Installed | 76.3 MW | 139.6 MW | 216.0 MW |
Notes:
1. Defined as the total number of bitcoins owned by the Company on its Balance Sheet including any bitcoins receivable, excluding bitcoins 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 June 30, 2025)： | |||||
Regions | Active Mining | Energized | Installed | Expected | Estimated |
Global | 9 | 6.57 EH/s | 8.15 EH/s | 0.78 EH/s | 8.94 EH/s |
America | 4 | 2.60 EH/s | 3.66 EH/s | 1.00 EH/s | 4.66 EH/s |
1 | 0.02 EH/s | 0.02 EH/s | 0 EH/s | 0.02 EH/s | |
2 | 3.8 EH/s | 4.22 EH/s | 0 EH/s | 4.22 EH/s | |
1 | 0.12 EH/s | 0.22 EH/s | -0.22 EH/s | 0 EH/s | |
1 | 0.03 EH/s | 0.04 EH/s | 0 EH/s | 0.04 EH/s | |
Notes:
4. Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized are 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 in but not yet installed.
7. Defined as the sum of Installed Computing Power and Expected Computing Power.
8. The Company brought offline approximately 0.59 EH/s of mining computing power in Kazakhstan and expects to uninstall the remaining 0.22EH/s in the region in July 2025 due to the change in commercial conditions.
Recent Corporate Updates:
Executive Share Purchase
On June 9, 2025, the Company announced that its chief executive officer and its chief financial officer have acquired an aggregate of 817,268 American Depositary Shares ("ADSs") at an average price of
On May 27, 2025, the Company announced that its board of directors has authorized a share repurchase program under which the Company may repurchase up to
Recent Operational Update:
Expansion of Self-Mining Operations
The Company has shipped approximately 1 EH/s of additional computing power to
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 in bitcoin's history 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
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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