Canaan (NASDAQ: CAN) grows bitcoin reserves and hashpower in January 2026
Rhea-AI Filing Summary
Canaan Inc. reported its January 2026 bitcoin mining update, highlighting record cryptocurrency reserves and growing infrastructure. The company mined 83 BTC during the month and ended with a record treasury of 1,778 BTC and 3,951 ETH on its balance sheet.
Deployed hashrate reached 10.07 EH/s, with operating hashrate at 6.63 EH/s and global average miner efficiency of 24.2 J/TH. Average all-in power cost was US$0.043/kWh, and installed power capacity totaled 253.3 MW globally.
Canaan also highlighted a 3.0 MW heat-recovery proof-of-concept in Manitoba to reuse computing heat for greenhouses. Under its renewed US$30 million buyback program, it had repurchased about 2.8 million ADSs for US$2 million as of February 10, 2026.
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Insights
Canaan grows hashpower and crypto reserves while beginning to use its renewed buyback.
Canaan Inc. reported January 2026 production of 83 BTC, with deployed hashrate at 10.07 EH/s and operating hashrate at 6.63 EH/s. Month-end cryptocurrency holdings reached a record 1,778 BTC and 3,951 ETH, indicating a strategy of retaining a sizable on-balance-sheet reserve.
The company’s global average miner efficiency of 24.2 J/TH and all-in power cost of US$0.043/kWh point to a competitive cost base, though sustainability depends on future bitcoin prices and network difficulty. Regional miner efficiency differences between North America and other regions may influence future deployment decisions.
Beyond mining, Canaan is testing a 3.0 MW heat-recovery project in Manitoba and has repurchased about US$2 million of ADSs under a US$30 million program. Subsequent monthly updates and future filings will clarify how quickly it scales hashpower, energy-reuse initiatives, and capital returns.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For the month of February 2026
Commission File Number: 001-39127
Canaan Inc.
28 Ayer Rajah Crescent
#06-08
Singapore 139959
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXHIBITS
| Exhibit No. | Description | |
| Exhibit 99.1 | Canaan Inc. Provides January 2026 Bitcoin Production and Mining Operation Updates |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Canaan Inc. | ||
| By: |
/s/ Nangeng Zhang | |
| Name: | Nangeng Zhang | |
| Title: | Chairman and Chief Executive Officer | |
Date: February 10, 2026
Exhibit 99.1
Canaan Inc. Provides January 2026 Bitcoin Production and Mining Operation Updates
Achieved record high cryptocurrency treasury of 1,778 BTC and 3,951 ETH
Deployed global hashrate exceeded 10 EH/s
SINGAPORE, February 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.
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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