#Singapore #crypto mining #Bitcoin Mining #Canaan Inc.

Canaan Inc. Updates Bitcoin Mining Operations for April 2025

In a recent announcement, Canaan Inc. (NASDAQ: CAN), a leader in cryptocurrency mining technology, unveiled its bitcoin production metrics for April 2025. This report, though unaudited, underscores the company's ongoing commitment to operational efficiency and market expansion in the fast-evolving crypto landscape. CEO Nangeng Zhang emphasized the company’s strategic approach, stating, "Our April production metrics demonstrate our ability to maintain a cost-effective mining operation on a global scale, as we expand our footprint and grow our bitcoin holdings."

Canaan reported mining 87 bitcoins during April, bringing the company's total bitcoin holdings to 1,424. Despite a slight decline in production compared to March, attributed to fluctuations in bitcoin prices, the company has enhanced its operational footprint in North America, marking significant progress. Canaan's projects in Pennsylvania and Texas benefitted from partnerships with Luna Square and Mawson Hosting, collectively contributing over 1.5 EH/s to its installed computing power, thus elevating its total deployed hashrate to 8.15 EH/s.

Another highlight from the report was the competitive all-in power cost maintained at approximately $0.044/kWh, a testament to Canaan's effective management practices. Canaan’s growth narrative is not solely limited to North America; its operations in Ethiopia are also proving instrumental in mitigating political and geographic risks, while capitalizing on lower operational costs and efficiency improvements. From January to March, the uptime in Ethiopian operations averaged an impressive 98%, demonstrating the reliability of the partnerships and strategies in place.

The company has encountered minor power disruptions in early April, however, swift action from local partners maintained a strong 95% uptime for the month, well above industry standards. This adaptability showcases Canaan's commitment to leveraging innovative partnerships and technologies to thrive in a dynamic global mining landscape.

In summary, Canaan's robust performance reflects not only its commitment to operational excellence but also its focus on strategic partnerships that enhance shareholder value. The company's self-mining initiatives are set to expand significantly, with a three-year master colocation agreement with Mawson Hosting expected to add approximately 4.7 EH/s to its North American hashrate.

Future Prospects and Product Innovations

In tandem with improving its mining operations, Canaan has made strides in product innovation. The recent completion of the taped-out process for the next-generation Avalon A16 bitcoin mining machines suggests the company is keen to remain at the forefront of mining technology. Future performance data and sample units will be unveiled post full system testing, reinforcing Canaan's transparency and commitment to its clients.

Established in 2013, Canaan Inc. has been a pioneering force in the design and production of high-performance computing chips used in the cryptocurrency mining sector. Known for delivering the world's first batch of ASIC-based mining machines under the Avalon brand, the company went public on the NASDAQ Global Market in 2019.

As the cryptocurrency landscape continues to evolve, Canaan Inc. remains poised to leverage its technological prowess and strategic partnerships to drive sustained growth and innovation in the mining sector. Investors and stakeholders will be keenly observing how Canaan adapts to the challenges and opportunities that lie ahead in the tumultuous world of cryptocurrency mining.