Canaan provides August bitcoin production, mining operation updates

“We’re pleased to report strong month-over-month improvement across all key metrics of our Bitcoin mining operations,” said Nangeng Zhang, chairman and chief executive officer of Canaan (CAN). “In August, we mined 98 bitcoins, supported by our enhanced operating hashrate and continued low average power costs. We expanded our deployed hashrate by significantly scaling operations in the U.S., adding our first mining project in Southeast Asia, and making steady progress in growing mining hashrate in Ethiopia. These efforts led to our August Installed Computing Power of 8.6EH/s, and with another 1.46EH/s of Expected Computing Power already delivered to the countries of mining operations, we expect to reach over 10EH/s when it is installed. Importantly, we achieved a major efficiency milestone by reducing our average North American miner performance to below 20J/TH for the first time – a critical step in our self-mining operations. Consistent with our disciplined treasury strategy, we continue to hold mined bitcoins post-costs as long-term reserve assets, bringing our total bitcoin treasury to 1,547 at month-end. These results highlight both our resilience and adaptability,” Zhang continued. “After voluntarily exiting a less efficient hosting site in South Texas in July, we rapidly stabilized uptime, optimized energy usage, and advanced our U.S. self-mining buildout. The redeployment of miners previously offline is already well underway, with a meaningful portion brought back online in August and more to follow. By combining our proprietary ASIC innovation with operational excellence, we are strengthening a mining platform that not only drives sustainable bitcoin production but also lays the foundation for future AI-driven computing opportunities.”