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

Ethiopian mining operations are paused, while their computing capacity remains included in Canaan's installed figures.

Rhea-AI Summary

Canaan (NASDAQ: CAN) reported unaudited September 2026 bitcoin production of 44 BTC alongside updates on mining operations and treasury-funded share repurchases. Month-end bitcoin holdings were 1,875 BTC. Non-joint-venture installed computing capacity remained stable at 10.00 EH/s; joint-venture installed capacity was 4.87 EH/s, with 4.18 EH/s operating.

The 8 MW Nordic heating project is fully operational, serving approximately 2,800 homes. Canadian greenhouse heat recovery deployment remains pending site inspections. Ethiopian mining operations are paused, although their capacity remains included in installed figures. By October 15, Canaan had monetized 3,952 ETH and 54.5 BTC for approximately US$13.9 million. It spent US$5.4 million repurchasing 13.6 million ADSs in late August; year-to-date repurchases totaled approximately 16.4 million ADSs.

5 points · 0 major

MixediHow this balance works

How this balance works

Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 4 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointSeptember mining produced 44 BTC, excluding joint-venture operations.
• Moderate pointDigital asset monetization generated approximately US$13.9 million in cash by October 15, 2026. 7.4% of market cap
• Moderate pointADS repurchases totaled approximately 16.4 million year-to-date, including 13.6 million bought for US$5.4 million in late August. 2.9% of market cap
• Minor pointNordic district heating project is fully operational, with 8 MW serving approximately 2,800 homes.
• Minor pointCanadian mining capacity includes 0.27 EH/s delivered but not yet installed.

Negative

• Moderate pointEthiopian mining operations are paused, while 4.96 EH/s remains included in installed capacity.
• Moderate pointTreasury monetization used 3,952 ETH and 54.5 BTC to fund ADS repurchases.
• Minor point. Forward-looking: it has not happened yet and may not happen.Canadian greenhouse heat recovery deployment remains pending completion of site inspections.
• Minor pointSeptember average all-in power cost was US$0.043/kWh, excluding joint ventures and assuming all installed machines were energized.

Argus 15 min delay 6 alerts

-1.47% vs previous close $0.25 last price 0.5x rel. volume Open Argus

Details

Market Reaction – CAN

$0.24 – $0.26 Day Range

$185.98M Market Cap

On Oct 15, the day this news came out, the latest delayed price for CAN is 1.47% below the previous close. Our momentum scanner has recorded 6 alerts for this stock so far that day. The latest delayed price is $0.25.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Bitcoin mined: 44 BTC Bitcoin holdings: 1,875 BTC Installed hashrate: Non-JV: 10.00 EH/s; JV: 4.87 EH/s +5 more

Bitcoin mined

44 BTC

September 2026

Bitcoin holdings

1,875 BTC

At month-end

Installed hashrate

Non-JV: 10.00 EH/s; JV: 4.87 EH/s

At month-end

JV operating hashrate

4.18 EH/s

At month-end

Average revenue split

60.5%

Excluding JV ownership

Average all-in power cost

US$0.043/kWh

During September

Nordic district heating project capacity

8 MW

Project now fully operational

Homes receiving recovered heat

Approximately 2,800 homes

Nordic district heating project

Previous Crypto Reports

1 past event · Latest: Sep 14

Same Type 1 event

1. Sep 14

   Mining update

   24h Move

   +2.9%

   Reported 44 BTC mined and 1,868 BTC held, with installed hashrate and power costs disclosed.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

hashprice, hashrate

2 terms

hashprice technical

"Hashprice extended its recovery from August"

Hashprice is a market metric that shows how much revenue a unit of cryptocurrency mining power (hashrate) is expected to earn over a set time, often expressed as BTC or USD per TH/s per day. Think of it like miles-per-gallon for a car: it tells miners and investors how efficiently mining hardware converts computing work into money, directly affecting miner profitability, equipment valuation, and investment returns.

hashrate technical

"Our non-JV installed hashrate remained stable at 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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Nordic district heating project is now fully operational

Treasury now 1,875 BTC with 44 BTC mined in September

SINGAPORE, Oct. 15, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ: CAN) ("Canaan" or the "Company"), an innovator in compute and energy infrastructure, today released its unaudited bitcoin mining update for the month ending September 30, 2026.

Management Commentary

"Bitcoin markets continued to demonstrate resilience in September, navigating macroeconomic and policy uncertainty while institutional participation remained steady. Hashprice extended its recovery from August, pointing to improving mining economics and offering a cautiously encouraging signal for the market," said Nangeng Zhang, chairman and chief executive officer of Canaan. "In that environment, our focus remained on disciplined execution. Our non-JV installed hashrate remained stable at 10 EH/s. Even amid rising network difficulty, we mined 44 BTC during the month, bringing our total bitcoin holdings to 1,875 BTC at month-end. Our joint venture operations also maintained steady performance, with installed hashrate of 4.87 EH/s and operating hashrate of 4.18 EH/s at month-end."

Zhang continued, "We are also seeing encouraging progress in our integrated computing and energy strategy. Our 8 MW Nordic district heating project is now fully operational, delivering recovered computing heat to approximately 2,800 homes. In Canada, our greenhouse heat recovery project is moving toward planned deployment, pending the completion of site inspections. These milestones reinforce the potential of our technology to bridge computing and energy infrastructure through heat reuse initiatives."

"Looking ahead, we will continue to build on this momentum by advancing our computing and energy initiatives and pursuing opportunities that translate our capabilities into results. We remain committed to disciplined execution and sustainable long-term value creation for our shareholders."

September 2026 Bitcoin Mining Updates (unaudited)

Key Metrics	Results (Rounded Numbers)
Bitcoins Mined During the Month	44 BTC
Month-End Bitcoins Owned by Canaan Inc. on Balance Sheet[1]	1,875 BTC
Month-End Installed Hashrate (EH/s)	Non-JV: 10.00 EH/s JV[5]: 4.87 EH/s
Month-End Operating Hashrate (EH/s)[2]	Non-JV: 10.00 EH/s JV[5]: 4.18 EH/s
Month-End Average Revenue Split[3]	60.5% (excluding JV ownership)
Average All-in Power Cost During the Month[4]	US$0.043/kWh

September 2026 Bitcoin Mining Infrastructure Updates (unaudited)

	North America	Non-North America	Global
Month-End Average Miner Efficiency	Non-JV: 17.9 J/TH JV[5]: 24.6 J/TH	29.3 J/TH	Non-JV: 23.7 J/TH JV[5]: 24.6 J/TH
Month-End Installed Power Capacity	Non-JV: 88.7 MW JV[5]: 120 MW	156.2 MW	Non-JV: 244.9 MW JV[5]: 120 MW

Notes:

1. Defined as the total number of bitcoins owned by the Company on its balance sheet, including any bitcoins receivable, and excluding bitcoins received as customer deposits.  

2. Defined as the operating hashrate that could theoretically be generated by all energized mining machines as of month-end, including machines that may be temporarily offline, and applies only to non-JV operations.

3. 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.

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

5. "JV" represents the Company's 49% stake in the Alborz, Bear, and Chief Mountain facilities in West Texas. JV metrics are shown separately and are not included in bitcoin production or average all-in power cost calculations.

Current Mining Projects (As of September 30, 2026):
Regions in alphabetical order (A to Z)	Active Mining Projects Count	Operating Computing Power[6]	Installed Computing Power[7]	Expected Computing Power[8]	Estimated Total Computing Power[9]
Global	12	14.18 EH/s	14.87 EH/s	0.27 EH/s	15.14 EH/s
America	4	4.90 EH/s	4.90 EH/s	0.00 EH/s	4.90 EH/s
JV-WindHQ	3	4.18 EH/s	4.87 EH/s	0.00 EH/s	4.87 EH/s
Canada	2	0.06 EH/s	0.06 EH/s	0.27 EH/s	0.33 EH/s
Ethiopia[10]	2	4.96 EH/s	4.96 EH/s	0.00 EH/s	4.96 EH/s
Malaysia	1	0.08 EH/s	0.08 EH/s	0.00 EH/s	0.08 EH/s

Notes:

6. 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, and applies only to non-JV operations.

7. Defined as the sum of Operating Computing Power and computing power that has been installed but not yet in operation, if any.

8. Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed.

9. Defined as the sum of Installed Computing Power and Expected Computing Power.

10. Canaan has paused its mining operations in Ethiopia, but its hashrate remains part of the Company's installed hashrate.

Recent Corporate Updates:

Authorized Share Repurchase Using Portion of Digital Asset Treasury

On August 4, 2026, the Company announced that it authorized its management to monetize a portion of its digital asset treasury to fund repurchases of its ADSs. The repurchases will be executed under the Company's existing share repurchase program authorized by its board of directors on December 12, 2025. Management believes the current market value does not fully reflect the Company's underlying assets and performance. The decision to allocate a portion of digital asset treasury toward ADS repurchases reflects management's confidence in the Company's strategy and represents a disciplined approach to capital allocation, focused on enhancing long-term shareholder value.

As of October 15, 2026, the Company had monetized 3,952 ETH and 54.5 BTC for approximately US$13.9 million in cash. The Company has deployed US$5.4 million to repurchase 13.6 million ADSs in late August. Year-to-date, the Company repurchased a total of approximately 16.4 million ADSs.

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

Media Contact

BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com

View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-september-2026-bitcoin-production-and-mining-operation-updates-302909913.html

SOURCE Canaan Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much bitcoin did Canaan mine and hold in September 2026?

Canaan mined 44 BTC in September and held 1,875 BTC at month-end. Holdings include bitcoin receivable but exclude customer deposits. The production figure excludes joint-venture operations.

How much has Canaan spent on its treasury-funded ADS repurchases?

Canaan deployed US$5.4 million to repurchase 13.6 million ADSs in late August. By October 15, 2026, it had monetized 3,952 ETH and 54.5 BTC for approximately US$13.9 million in cash. Year-to-date repurchases totaled approximately 16.4 million ADSs.

What do Canaan's September operating computing capacity figures measure?

For non-joint-venture operations, operating computing capacity measures the theoretical output of energized mining machines, including machines temporarily offline. It is not solely a measure of machines actively running. Global reported operating capacity was 14.18 EH/s, compared with installed capacity of 14.87 EH/s.

What ownership stake do Canaan's joint-venture mining figures represent?

Canaan's joint-venture figures relate to its 49% stake in the Alborz, Bear and Chief Mountain facilities in West Texas. These metrics are presented separately and excluded from bitcoin production and average all-in power cost calculations.