Canaan Inc. Provides March 2026 Bitcoin Production and Mining Operation Updates
Rhea-AI Summary
Canaan (NASDAQ: CAN) reported its unaudited March 2026 bitcoin mining update, delivering 89 BTC in March and growing its cryptocurrency treasury to a record 1,808 BTC and 3,952 ETH. Global installed power capacity reached 266.3 MW, plus 120 MW from recently acquired West Texas JVs.
The company added over 10 MW in March, reported Non-JV deployed hashrate of 10.97 EH/s and month-end operating hashrate of 6.89 EH/s, and noted North America miner efficiency of 18.7 J/TH and an average all-in power cost of $0.044/kWh.
Positive
- Record treasury: 1,808 BTC and 3,952 ETH on balance sheet
- Installed capacity reached 266.3 MW plus 120 MW from West Texas JVs
- Acquisition of 49% interest in ABC Projects added ~4.4 EH/s and 6,840 machines
- Management buys: CEO and CFO purchased 1,456,547 ADSs at ~$0.51
Negative
- Operating utilization gap: 6.89 EH/s operating vs 10.97 EH/s deployed (~37% lower)
- Higher global miner inefficiency: global average miner efficiency at 29.3 J/TH versus North America 18.7 J/TH
News Market Reaction – CAN
In the Apr 15 session, CAN gained 7.51%, reflecting a notable positive market reaction. Argus tracked a peak move of +14.3% during that session. Argus tracked a trough of -3.9% from its starting point during tracking. Our momentum scanner triggered 17 alerts that day, indicating notable trading interest and price volatility. Trading volume was above average at 1.7x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Crypto Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Crypto ops update | Positive | -6.2% | February 2026 mining metrics and ABC Projects acquisition details. |
| Feb 10 | Crypto ops update | Positive | -6.9% | January 2026 mining results and record BTC and ETH treasury. |
| Jan 14 | Crypto ops update | Positive | +1.8% | December 2025 hashrate growth, record treasury, and capacity gains. |
| Dec 10 | Crypto ops update | Positive | -2.3% | November 2025 BTC production, treasury, and capacity expansion. |
| Nov 17 | Industry white paper | Positive | -4.4% | Industry report highlighting mining trends and Canaan’s market position. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Crypto-tagged updates have mostly seen negative next-day moves despite generally positive operational metrics, with 4 divergence events versus 1 alignment.
Recent crypto updates for Canaan show steady scaling: December 2025 deployed hashrate of 9.91 EH/s and record treasury of 1,750 BTC and 3,951 ETH, followed by January’s record 1,778 BTC treasury and February’s 1,793 BTC and 3,952 ETH. Power costs around US$0.043–0.044/kWh and improving efficiency were consistent themes. Historically, these crypto updates often coincided with modest share price declines, so today’s positive reaction to another record treasury and capacity expansion contrasts with that pattern.
Key Terms
hashrate technical
btc financial
eth financial
eh/s technical
kwh technical
joint venture financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Expanded North American capacity with over 10 MW added
Achieved record high cryptocurrency treasury of 1,808 BTC and 3,952 ETH
Management Commentary
"As we expand our role within the broader energy ecosystem, we enhanced our operational foundation in parallel," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Despite a challenging macro backdrop, March was a month of solid execution. We delivered 89 BTC, growing our total cryptocurrency treasury to a record high of 1,808 BTC and 3,952 ETH."
Zhang continued, "Against the backdrop that Bitcoin's average network hashrate experienced the largest quarterly decline since 2021, we continued to grow our deployed hashrate and installed power capacity, adding over 10 MW to our network during the month. Our global installed power capacity reached 266.3 MW, supplemented by an additional 120 MW from our recently acquired joint ventures in
"With our
March 2026 Bitcoin Mining Updates (unaudited)
Key Metrics | Results (Rounded Numbers) |
Bitcoins Mined During the Month | 89 BTC |
Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet1 | 1,808 BTC 3,952 ETH |
Month-End Deployed Hashrate (EH/s) | Non-JV: 10.97 EH/s JV4: 4.4 EH/s |
Month-End Operating Hashrate (EH/s) | Non-JV: 6.89 EH/s JV4: N/A |
Month-End Average Revenue Split2 | |
Average All-in Power Cost During the Month3 |
March 2026 Bitcoin Mining Infrastructure Updates (unaudited)
Non- | Global | ||
Month-End Average Miner Efficiency | Non-JV: 18.7 J/TH JV4: 25.7 J/TH | 29.3 J/TH | Non-JV: 23.6 J/TH JV4: 25.7 J/TH |
Month-End Installed Power Capacity | Non-JV: 108.8 MW JV4: 120 MW | 157.5 MW | Non-JV: 266.3 MW JV4: 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 March 31, 2026)： | |||||
Regions | Active | Energized | Installed | Expected | Estimated |
Global | 13 | 11.29 EH/s | 15.37 EH/s | 0.26 EH/s | 15.63 EH/s |
America | 5 | 4.38 EH/s | 5.82 EH/s | 0.00 EH/s | 5.82 EH/s |
JV-WindHQ | 3 | 4.40 EH/s | 4.40 EH/s | 0.00 EH/s | 4.40 EH/s |
1 | 0.05 EH/s | 0.06 EH/s | 0.10 EH/s | 0.16 EH/s | |
2 | 2.36 EH/s | 4.96 EH/s | 0.16 EH/s9 | 5.12 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)
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.