Canaan mines 89 Bitcoins in July 2025

Canaan (CAN) released its unaudited bitcoin mining update for July 2025. “We’re pleased to report quarter-over-quarter improvement in our bitcoin mining performance, with monthly production resulting in 89 bitcoins, driven by a stronger bitcoin price and lower average power costs,” said CEO Nangeng Zhang. “In line with our recently announced Cryptocurrency Holding Policy, we retain bitcoins acquired through our daily operations as a long-term reserve asset. This policy allows us to accumulate bitcoin, and our total holdings at month-end were 1,511 bitcoins. These results are especially impressive given the challenges we faced in July. Following weather-related disruptions in June, our team has been working tirelessly to stabilize mining uptime, supporting our operating partners with top-tier hardware and service. In July, both deployed and operating hashrates declined, primarily due to our planned exit from Kazakhstan and the proactive termination of a hosting agreement with an underperforming site in South Texas. We are actively relocating these offline miners and expect to bring about half back online in August, with additional units to be energized in the near future. This growing recognition is further validated by recent orders from some of the industry’s largest public mining companies.”