Canaan Inc. Announces January 2025 Bitcoin Production and Mining Operation Updates

Core Insights - Canaan Inc. reported significant progress in its bitcoin mining operations for January 2025, including an increase in mined bitcoins and expanded self-mining capacity [2][4]. Business Performance - The company mined 88 bitcoins in January 2025, up from 62 in December 2024, reflecting a strong operational performance [2][4]. - Canaan's month-end bitcoin holdings reached 1,319 bitcoins [4]. - The deployed global hashrate increased by 18.2%, from 5.44 EH/s to 6.43 EH/s [2][4]. - The average revenue split improved from 53.7% to 57.3% [2][4]. - The all-in power cost remained competitive at $0.04 per kWh [2][4]. Product Innovation - Canaan launched two new consumer products at CES 2025: the Avalon Mini 3, a smart-home bitcoin mining heater with 37.5 TH/s, and the Avalon Nano 3S, a portable miner with 6 TH/s [3][11]. - Both products have received positive reviews and are available for pre-order [3][11]. Mining Operations Expansion - The company expanded its joint mining agreement with Luna Square, increasing the capacity from 30 MW to 36 MW [2][14]. - As of January 31, 2025, Canaan had 1,704 A14 series Avalon miners energized in Texas, with more expected to come online in the first quarter [2][14]. - A mining rig upgrade at Stronghold's Panther Creek facility increased the site's total computing power by 26%, from 0.74 EH/s to 0.93 EH/s [14]. Current Mining Projects - Canaan has a total of 9 active mining projects globally, with a combined operating hashrate of 5.53 EH/s and a deployed hashrate of 6.43 EH/s [7][8]. - The company expects to bring offline approximately 0.42 EH/s of its mining computing power in Ethiopia due to expiring project collaborations [9].