Canaan Inc. Bitcoin Mining Operations Update for June 2025
Canaan Inc. (NASDAQ: CAN), a leading innovator in the field of crypto mining, has provided its latest unaudited update on bitcoin production for the month ending June 30, 2025. This update comes at a time when the cryptocurrency market continues to face various challenges, highlighting the resilience and strategic initiatives of the company.
Management Insights
Nangeng Zhang, the Chairman and CEO of Canaan, emphasized the robustness of their mining operations despite certain setbacks. The company reported mining 88 bitcoins in June, a notable decline from the previous month due to a temporary reduction in the operational hashrate. Zhang attributed this decline primarily to weather-related interruptions, including severe storms and extreme temperatures affecting their operations in Texas. This led to their hosting partner temporarily shutting down machines for safety and necessary maintenance.
In Ethiopia, operations were impacted by seasonal droughts, which restricted electricity supply across the nation, further reducing uptime. However, Zhang highlighted a significant achievement: the company ended the month with a record bitcoin reserve of 1,484 bitcoins, reflecting their commitment to building strategic reserves and indicating strong financial health.
Operational Highlights
During June, Canaan continued expanding its North American footprint, with about 1 EH/s of new computing power on the way to its U.S. facilities. The installation is slated for completion by the end of July 2025, which will further enhance their operational capabilities in the region.
Zhang disclosed that amidst ongoing market fluctuations, Canaan is dedicated to protecting shareholder value, successfully executing a stock repurchase program throughout June. This move showcases the company's confidence in its long-term viability and adherence to disciplined capital management practices.
June 2025 Performance Metrics
Canaan's mining operations yielded the following key metrics:
- - Bitcoins Mined: 88 bitcoins
- - Total Bitcoins Owned by Canaan: 1,484 bitcoins
- - Deployed Hashrate: 8.15 EH/s
- - Operating Hashrate: 6.57 EH/s
- - Average Revenue Split: 62.3%
- - Average Power Cost: $0.045/kWh
These figures illustrate the company's commitment to optimizing efficiency and maximizing output despite external challenges. The average miner efficiency stood at 20.1 J/TH in North America, indicating strong performance compared to the global average of 26.3 J/TH.
Current Mining Projects
As of June 30, 2025, Canaan is engaged in multiple active mining projects worldwide, totaling nine projects with 6.57 EH/s of energized computing power. Here’s a breakdown by region:
- - North America: 4 projects with 2.60 EH/s of energized power.
- - Ethiopia: 2 projects with 3.8 EH/s.
- - Kazakhstan: 1 project with 0.12 EH/s.
- - Middle East: 1 project with 0.03 EH/s.
This geographical diversification not only spreads risk but also taps into various energy sources, with Ethiopia's operations focused on renewable energy initiatives.
Corporate Developments
On June 9, 2025, Canaan's CEO and CFO purchased a total of 817,268 American Depositary Shares (ADS) at an average price of $0.76 per ADS, signaling their confidence in the future of the company. Additionally, a $30 million stock repurchase program was initiated on May 27, 2025, allowing Canaan to buy back its shares over the next six months, reinforcing its commitment to shareholder value.
Canaan's reputation as a leader in ASIC chip design and manufacturing, particularly in the bitcoin mining sphere, has been established since its inception in 2013. Its pioneering efforts in creating high-performance computing equipment have positioned it favorably within the cryptocurrency mining landscape.
Conclusion
Canaan Inc.'s ongoing advancements and strategic initiatives in the realm of bitcoin mining demonstrate not only the company's resilience amid challenges but also its forward-thinking approach. With a focus on enhancing operational efficiency and increasing bitcoin reserves, Canaan is positioned to weather market fluctuations and capitalize on future opportunities within the rapidly evolving cryptocurrency landscape. For more information about Canaan and its developments, visit
canaan.io.