{"id":820304,"date":"2025-03-03T06:06:19","date_gmt":"2025-03-03T11:06:19","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-announces-february-2025-bitcoin-production-mining-operation-updates-and-preliminary-fourth-quarter-2024-financial-results\/"},"modified":"2025-03-03T06:06:19","modified_gmt":"2025-03-03T11:06:19","slug":"canaan-inc-announces-february-2025-bitcoin-production-mining-operation-updates-and-preliminary-fourth-quarter-2024-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-announces-february-2025-bitcoin-production-mining-operation-updates-and-preliminary-fourth-quarter-2024-financial-results\/","title":{"rendered":"Canaan Inc. Announces February 2025 Bitcoin Production, Mining Operation Updates, and Preliminary Fourth Quarter 2024 Financial Results"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n SINGAPORE<\/span>
\n <\/span>, March 3, 2025<\/span><\/span> \/PRNewswire\/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto<\/span> mining, today released its unaudited bitcoin<\/span> mining and operational update for February 2025<\/span> and announced preliminary unaudited financial results for the fourth quarter ended December 31, 2024<\/span>.<\/p>\n

\n Management Commentary<\/b>\n <\/p>\n

“Despite February being a shorter month, we continued to make steady strides in both our mining operations and product innovation,” said Nangeng Zhang, Chairman and chief executive officer of Canaan. “Following the successful upgrade of our mining rigs at Stronghold’s Panther Creek facility, operations at the site have continued ramping up, achieving 0.93 EH\/s of fully operational hashrate since February. Our joint mining collaboration with Luna Squares remains on schedule, with further machine deployments anticipated in March. These efforts contributed to a sequential increase in our month-end operating hashrate from 5.53 EH\/s to 5.73 EH\/s and helped grow our owned cryptocurrency<\/span> balance sheet to 1,355 bitcoins. Additionally, our month-end average revenue split improved from 57.3% to 59.0%, while we maintained an industry-leading all-in power cost of US$4 cents<\/span>\/kWh.<\/p>\n

“Beyond mining, we remain focused on delivering innovative and accessible mining solutions. In February, we introduced the Avalon Q, a compact, app-controlled home mining machine that delivers 90 TH\/s of computing power with ultra-quiet operation. Notably, it is the first professional-grade Bitcoin<\/span> miner supporting 110V home power supply, catering to mining enthusiasts and expanding our reach to individual users. This latest addition to our Avalon Home<\/span> series is now available for pre-order through our website, and delivery is expected to begin in April 2025<\/span>.<\/p>\n

“As we continue our 2024 year-end audit process, we are pleased to provide preliminary financial results for Q4 2024. We expect total revenue to be approximately US$89 million<\/span>, exceeding our previous guidance of US$80 million<\/span>. Furthermore, we anticipate a narrowed gross loss between US$10 million<\/span> and US$6 million<\/span>, reflecting improved market demand and our cost optimizations.”<\/p>\n

\n
\n February 2025<\/span>
\n Bitcoin<\/span> Mining Updates (unaudited)<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n\n
\n

\n
\n Key Metrics<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Results (Rounded Numbers)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Bitcoins Mined During the Month<\/span>\n <\/p>\n<\/td>\n

\n

\n 82 Bitcoins<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Bitcoins Owned by Canaan Inc. on Balance Sheet[<\/sup>1]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 1,355 Bitcoins<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Deployed Hashrate (EH\/s)<\/span>\n <\/p>\n<\/td>\n

\n

\n 6.28 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Operating Hashrate (EH\/s)<\/span>\n <\/p>\n<\/td>\n

\n

\n 5.73 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Average Revenue Split[2<\/sup>]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 59.0\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average All-in Power Cost During the Month[3<\/sup>]<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n US$0.04\/kWh<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Notes:<\/i>\n <\/p>\n

[1].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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.
<\/i>[2].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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.
<\/i>[3].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.<\/i><\/p>\n

\n\n\n\n\n\n\n\n\n\n
\n

\n
\n Current Mining Projects (As of February 28, 2025) <\/b>
\n \uff1a<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Regions
in alphabetical order
(A to Z)<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Active Mining <\/b>
\n <\/span>\n <\/p>\n

\n
\n Projects <\/b>
\n <\/span>\n <\/p>\n

\n
\n Count<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Energized
Computing <\/b>
\n <\/span>\n <\/p>\n

\n
\n Power<\/b>
\n
\n
\n [4<\/sup>
\n ]<\/sup>
\n <\/span>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Installed
Computing <\/b>
\n <\/span>\n <\/p>\n

\n
\n Power[5<\/sup>]<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Expected
Computing <\/b>
\n <\/span>\n <\/p>\n

\n
\n Power[6<\/sup>]<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Estimated <\/b>
\n <\/span>\n <\/p>\n

\n
\n Total <\/b>
\n <\/span>\n <\/p>\n

\n
\n Computing <\/b>
\n <\/span>\n <\/p>\n

\n
\n Power[7<\/sup>]<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Global<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 5.73 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.28 EH\/s[8<\/sup>]<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 0.31 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n 6.60 EH\/s<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n America<\/span>\n <\/p>\n<\/td>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.01 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.19 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.31 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 1.51 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Canada<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.02 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Ethiopia<\/span>\n <\/p>\n<\/td>\n

\n

\n 2<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.07 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.22 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 4.22 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Kazakhstan<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.60 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.81 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.81 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Middle East<\/span>\n <\/p>\n<\/td>\n

\n

\n 1<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.03 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

\n 0.04 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n Notes: <\/i>\n <\/p>\n

\n [4].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n 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.\u00a0
<\/i>
\n [5].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.
<\/i>
\n [6].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n 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.\u00a0
<\/i>
\n [7].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the sum of Installed Computing Power and Expected Computing Power.
<\/i>
\n [8].\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n The Company brought offline approximately 0.42 EH\/s of mining computing power in Ethiopia<\/span> for sales as certain project collaborations expired in early February 2025<\/span>. The installed computing power decrease was partially offset by 0.27 EH\/s installed in Kazakhstan<\/span> during February 2025<\/span>. <\/i>\n <\/p>\n

\n Preliminary Results for the Fourth Quarter of 2024:<\/b>\n <\/p>\n