Canaan Inc. Provides November 2025 Bitcoin Production and Mining Operation Updates

Rhea-AI Summary

Canaan (NASDAQ: CAN) reported unaudited November 2025 bitcoin-mining results showing continued scaling and a record cryptocurrency treasury. Key points: 89 BTC mined in November; month-end treasury of 1,730 BTC and 3,951 ETH; month-end deployed hashrate 9.41 EH/s and operating hashrate 8.12 EH/s. North America installed power capacity reached 91.2 MW and global installed capacity totaled 234.8 MW. Average all-in power cost was $0.043/kWh and average revenue split was 58.2%. The company expects about 1 EH/s of additional capacity online by year-end and noted elevated network difficulty. Corporate actions: a $72M strategic equity investment and an active $30M share-repurchase program (≈6.59M ADS repurchased for $4.9M).

Positive

• 89 BTC mined in November 2025
• Cryptocurrency treasury at 1,730 BTC and 3,951 ETH
• Deployed hashrate 9.41 EH/s, operating hashrate 8.12 EH/s
• $72M strategic investment from institutional firms
• Global installed power capacity 234.8 MW
• Launched Avalon A16 air-cooled model: 300 TH/s at 12.8 J/TH

Negative

• Equity placement of 63.6M ADS at $1.131 may cause dilution
• 1.23 EH/s of computing power delivered but not yet energized
• Company cited elevated network difficulty and competition affecting near-term scaling

Key Figures

Bitcoins mined 89 BTC Bitcoin mined in November 2025

Crypto treasury BTC 1,730 BTC Month-end November 2025 balance sheet holdings

Crypto treasury ETH 3,951 ETH Month-end November 2025 balance sheet holdings

Deployed hashrate 9.41 EH/s Month-end November 2025 deployed hashrate

Operating hashrate 8.12 EH/s Month-end November 2025 operating hashrate

Average power cost US$0.043/kWh Average all-in power cost during November 2025

Installed power capacity NA 91.2 MW North America installed power capacity at month-end November 2025

Strategic investment US$72 million Equity placement announced November 4, 2025

Market Reality Check

$0.9407 Last Close

Volume Volume 20,530,061 is 0.71x the 20-day average 29,006,993, indicating subdued trading activity pre‑announcement. normal

Technical Price at $0.9624 is trading above the $0.91 200-day MA, showing a modestly constructive setup before this update.

Peers on Argus

CAN was up 2.74% pre‑news while key hardware peers showed mixed moves: UMAC +5.51%, SSYS +2%, CRSR +1.49%, DDD +0.57%, NNDM -0.55%, suggesting stock‑specific rather than broad sector momentum.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 19	Hosting agreement	Positive	-6.5%	Strategic hosting deal for 20 MW (~1 EH/s) with Soluna in Texas.
Nov 18	Earnings release	Positive	+20.8%	Q3 revenue and mining output surged with record crypto treasury levels.
Nov 17	Industry report	Positive	-4.4%	Industry white paper highlighted Canaan’s strong rank in computing power sold.
Nov 12	Crypto operations	Positive	-2.7%	October mining update with higher hashrate, large orders, and new A16 series.
Nov 11	Earnings date notice	Neutral	-3.5%	Announcement of Q3 results reporting date and conference call details.

Pattern Detected

Recent news has often seen negative or muted price reactions, even to seemingly positive operational and strategic updates, with only the Q3 earnings release drawing a strong positive move.

Recent Company History

Over the last two months, Canaan has reported steady expansion in self‑mining and hardware capabilities. The Q3 2025 results on Nov 18 showed sharply higher revenue and record mining output, driving a 20.75% gain. Multiple crypto‑tagged releases in October–November detailed growing hashrate, low power costs, and large Avalon A15/A16 orders, yet price reactions were often negative. A hosting deal with Soluna for ~1 EH/s also sold off. Today’s November mining update continues this theme of scaling hashrate and treasury against a volatile trading backdrop.

Market Pulse Summary

This announcement details November 2025 mining performance, including 89 BTC produced, deployed hashrate of 9.41 EH/s, operating hashrate of 8.12 EH/s, and record holdings of 1,730 BTC and 3,951 ETH. It also highlights low all‑in power costs of US$0.043/kWh and a US$72 million strategic equity investment to fund infrastructure and growth. In light of recent updates emphasizing hashrate, efficiency, and new hardware, investors may watch future production, power costs, and execution on expansion plans.

Key Terms

hashrate technical

"Deployed hashrate and operating hashrate increased despite market headwinds"

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.

EH/s technical

"deployed hashrate to 9.41 EH/s and our operational hashrate to 8.12 EH/s"

"Eh/s" stands for "earnings per share," a measure of a company's profitability calculated by dividing its net profit by the number of shares outstanding. It indicates how much money each share would earn if the company’s profits were divided equally among shareholders, helping investors assess how well a company is performing financially. A higher "eh/s" suggests greater profitability, which can influence investment decisions.

MW technical

"Month-End Installed Power Capacity | 91.2 MW | 143.6 MW | 234.8MW"

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.

american depositary shares financial

"over 63.6 million American Depositary Shares ("ADS"), at a price of US$1.131"

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.

energy efficiency technical

"A16XP model, featuring 300 TH/s of computing power with an energy efficiency of 12.8 J/TH"

Energy efficiency is using less energy to achieve the same level of service or output — like a car that goes farther on the same tank of fuel. For investors it matters because improving efficiency cuts operating costs, lowers exposure to energy price swings and regulations, can enhance asset value and profitability, and signals management focus on long-term resilience and competitiveness.

share repurchase program financial

"the Company announced a share repurchase program of up to US$30 million"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

AI-generated analysis. Not financial advice.

Deployed hashrate and operating hashrate increased despite market headwinds
Cryptocurrency treasury reaches record 1,730 BTC and 3,951 ETH at month end 
Operating hashrate poised to grow with approximately 1 EH/s mining capacity expected to come online by the end of 2025

SINGAPORE, Dec. 10, 2025 /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 November 30, 2025, showcasing solid mining output, record crypto holdings, and confirmed expansion plans entering the year-end.

Management Commentary

"November highlighted the strength of our operational execution and the scalability of our platform," said Nangeng Zhang, chairman and chief executive officer of Canaan. "Navigating a dynamic market environment, we remained focused on efficiency and performance, delivering stable production of 89 BTC, while growing our deployed hashrate to 9.41 EH/s and our operational hashrate to 8.12 EH/s by month-end. As we maintained our competitive power costs, we continued to enhance the efficiency of our North American fleet and expanded installed power capacity to 91.2 MW in the region, further strengthening our foundation for long-term growth."

"During this period, we strategically acquired 100 BTC during price dips, bringing our cryptocurrency treasury to 1,730 BTC and 3,951 ETH at month end." Zhang continued, "Looking ahead, we expect to bring online approximately 1 EH/s of capacity by the year-end, with additional hashrate to be energized in the first quarter of 2026. This incremental growth, combined with continued operational optimization and stringent power cost control, positions us to scale sustainably despite elevated network difficulty and competition. Going forward, we aim to leverage our vertically integrated strategy to deliver sustainable value for our shareholders across market cycles."

November 2025 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	1,730 BTC* 3,951 ETH
Month-End Deployed Hashrate (EH/s)	9.41 EH/s
Month-End Operating Hashrate (EH/s)	8.12 EH/s
Month-End Average Revenue Split2	58.2 %
Average All-in Power Cost During the Month3	US$0.043/kWh
*As part of the enhanced treasury management initiative, the Company capitalized on recent price volatility to strategically acquire 100 additional bitcoins from the open market in November 2025.

November 2025 Bitcoin Mining Infrastructure Updates (unaudited)

	North America	Non-North America	Global
Month-End Average Miner Efficiency	19.5 J/TH	29.3 J/TH	25.5 J/TH
Month-End Installed Power Capacity	91.2 MW	143.6 MW	234.8MW
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 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 November 30, 2025)：
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	8.12 EH/s	9.41 EH/s	1.23 EH/s	10.65 EH/s
America	4	3.94 EH/s	4.72 EH/s	0.20 EH/s	4.92 EH/s
Canada	1	0.00 EH/s	0.00 EH/s	0.16 EH/s	0.16 EH/s
Ethiopia	2	4.05 EH/s	4.56 EH/s	0.88 EH/s	5.44 EH/s
Middle East	1	0.04 EH/s	0.04 EH/s	0 EH/s	0.04 EH/s
Malaysia	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.

 

Recent Corporate Updates: 

Announced Landmark Strategic Investment from Top-Tier Institutional Firms

On November 4, 2025, Canaan announced a landmark US$72 million strategic investment from top-tier institutional investors Brevan Howard, Galaxy Digital, and Weiss Asset Management. This straightforward equity placement for over 63.6 million American Depositary Shares ("ADS"), at a price of US$1.131 per ADS, issued without warrants or derivative instruments, represents a shift in the Company's capital strategy and signals strong institutional confidence in Canaan's fundamentals and growth outlook. The significant capital infusion will strengthen Canaan's balance sheet, reduce future dilution risk, and fund utility-grade computing and energy infrastructure projects, supporting the Company's long-term growth in digital assets and high-performance computing.

Unveiled Next-Generation Avalon® A16 Series Bitcoin Mining Machines  

On October 28, 2025, the Company announced the official launch of its next-generation Avalon A16 series, including the most competitive air-cooled A16XP model, featuring 300 TH/s of computing power with an energy efficiency of 12.8 J/TH. The A16 series mining machines are now available for pre-order and will ship from the Company's production centers in North America, East Asia, and Southeast Asia.

The Share Repurchase Program 

On May 27, 2025, the Company announced a share repurchase program of up to US$30 million of its ADSs and/or Class A ordinary shares over a six-month period. Repurchases may be conducted through open-market or privately negotiated transactions, subject to market conditions and regulatory requirements.

As of December 10, 2025, the Company had repurchased approximately 6.59 million ADSs for a total of about US$4.9 million under the program.

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

 

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SOURCE Canaan Inc.

FAQ

How many bitcoins did Canaan (CAN) mine in November 2025?

Canaan mined 89 BTC during November 2025.

What is Canaan's month-end crypto treasury and holdings as of Nov 30, 2025?

Month-end holdings were 1,730 BTC and 3,951 ETH on the balance sheet.

What were Canaan's deployed and operating hashrates at November 30, 2025 (CAN)?

Deployed hashrate was 9.41 EH/s and operating hashrate was 8.12 EH/s.

What institutional investment did Canaan announce in November 2025 and how much?

Canaan received a $72 million strategic equity investment from Brevan Howard, Galaxy Digital, and Weiss Asset Management.

What capacity increase does Canaan expect by year-end 2025 (CAN)?

The company expects approximately 1 EH/s of additional capacity to come online by year-end 2025.

What are the specs of Canaan's new Avalon A16 mining machine announced Oct 28, 2025?

The Avalon A16 air-cooled A16XP delivers 300 TH/s with energy efficiency of 12.8 J/TH.

How much has Canaan repurchased under its share buyback program as of Dec 10, 2025?

As of Dec 10, 2025, Canaan repurchased about 6.59 million ADS for roughly $4.9 million.