{"id":835921,"date":"2025-04-10T06:49:13","date_gmt":"2025-04-10T10:49:13","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-provides-march-2025-bitcoin-production-and-mining-operation-updates\/"},"modified":"2025-04-10T06:49:13","modified_gmt":"2025-04-10T10:49:13","slug":"canaan-inc-provides-march-2025-bitcoin-production-and-mining-operation-updates","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/canaan-inc-provides-march-2025-bitcoin-production-and-mining-operation-updates\/","title":{"rendered":"Canaan Inc. Provides March 2025 Bitcoin Production and Mining Operation Updates"},"content":{"rendered":"
\n

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

\n

\n
\n SINGAPORE<\/span>
\n <\/span>, April 10, 2025<\/span><\/span> \/PRNewswire\/ —\u00a0Canaan Inc.\u00a0(NASDAQ: CAN) (“Canaan<\/span>” or the “Company”), an innovator in crypto<\/span> mining, today released its unaudited bitcoin<\/span> mining update for the month ending March 31, 2025<\/span>.<\/p>\n

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

“We continued to execute on our North American expansion plan, and our results demonstrate the successful relationships that we’ve built with our existing partners as well as our ability to find and negotiate favorable partnerships that are helping us to achieve our mining operations’ goals,” said Nangeng Zhang, chairman and chief executive officer of Canaan<\/span>. “In March, we mined 90 bitcoins, representing an increase of 9.8% compared to February, and we expanded our mining operations in North America<\/span>, adding 0.32 exahash per second (EH\/s) of installed computing power. Additionally, through our recently announced agreements with Mawson and another partner for two projects in Pennsylvania<\/span> and Texas<\/span>, we will add another 4.7 EH\/s of mining computing power in North America<\/span> when these projects are fully energized.<\/p>\n

Zhang continued, “Meanwhile, we continued to make advancements in our product innovation activities, bringing superior mining efficiency and user experience to our customers. We completed the tape-out process for our next-generation A16 mining machine and, as with previous generations, we will release the new product and provide sample units to our customers only after we finish full system testing so that we can provide the market with real-world data.<\/p>\n

“We believe that we have made significant progress on our 2025 goals as we continue to scale our operations and optimize performance across our mining fleet.\u00a0 With market conditions evolving rapidly, we remain focused on staying nimble\u2014balancing efficiency, innovation, and strategic growth. Our commitment to deploying advanced hardware and securing meaningful partnerships makes us well-positioned to navigate the remainder of the year and to drive long-term shareholder value.”<\/p>\n

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

\n
\n
\n March 2025 Bitcoin<\/span> Mining Updates (unaudited)<\/b>
\n <\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\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 90 Bitcoins<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Bitcoins Owned by Canaan Inc. on Balance Sheet1<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 1,408 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 6.60 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 5.97 EH\/s<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Month-End Average Revenue Split2<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n 58.6\u00a0%<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n Average All-in Power Cost During the Month3<\/sup><\/span>\n <\/p>\n<\/td>\n

\n

\n US$0.043\/kWh<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Notes:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

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

\n

\n 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><\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

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

\n
\n Current Mining Projects (As of March 31, 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
Projects
Count<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Energized
Computing
Power4<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Installed
Computing
Power5<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Expected
Computing
Power6<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n

\n
\n Estimated
Total
Computing
Power7<\/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 5.97 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

\n

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

\n

\n
\n 8.11 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 1.21 EH\/s<\/span>\n <\/p>\n<\/td>\n

\n

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

\n

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

\n

\n 3.02 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 4.12 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

\n \n <\/td>\n<\/tr>\n
\n

\n
\n Notes:<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\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.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

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

\n

\n
\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.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n 7.\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/i>
\n Defined as the sum of Installed Computing Power and Expected Computing Power.<\/i>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n Summary of Recent Operational Updates:\u00a0<\/b>\n <\/p>\n