Canaan mines 89 bitcoins in July amid operational adjustments

SINGAPORE - Crypto mining company Canaan Inc. (NASDAQ:CAN), currently valued at $305.54 million, mined 89 bitcoins in July 2025 while reporting a decline in both deployed and operating hashrates, according to a company press release issued Thursday. According to InvestingPro data, the company’s stock has shown significant volatility, with a beta of 3.25, making it particularly sensitive to market movements.

The company’s month-end bitcoin holdings reached 1,511 bitcoins, in line with its recently announced Cryptocurrency Holding Policy that establishes bitcoin as its primary long-term reserve asset. InvestingPro analysis indicates the company is currently experiencing rapid cash burn, with analysts projecting the company won’t achieve profitability this year.

Canaan reported a month-end deployed hashrate of 7.95 EH/s and operating hashrate of 6.24 EH/s, with an average power cost of $0.042/kWh during July. The company attributed the hashrate decline to its planned exit from Kazakhstan and the termination of a hosting agreement at 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," said Nangeng Zhang, chairman and CEO of Canaan.

The company recently terminated a hosting agreement involving approximately 0.96 EH/s of Canaan-owned miners in South Texas, with plans to redeploy these units at alternative hosting partner sites. Approximately 0.50 EH/s is expected to resume operations in August.

Canaan also announced several business developments, including a fourth purchase agreement with Cipher Mining for Avalon A15Pro miners and a follow-on order from CleanSpark Inc. for Avalon A1566I immersion-cooling miners.

Additionally, the company completed the conversion of its previously disclosed Series A-1 Preferred Shares following the closing of a $100 million preferred shares financing in March 2025. Despite challenging market conditions reflected in its -67.62% year-to-date return, analysts forecast 72% revenue growth for FY2025. For deeper insights into Canaan’s financial health and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro, which covers over 1,400 US equities with detailed analysis and actionable intelligence.

In other recent news, Canaan Inc. has made several notable announcements. The company reported mining 88 bitcoins in June 2025, citing weather-related disruptions and maintenance issues as factors for the decrease from May’s production. Despite these challenges, Canaan holds a record 1,484 bitcoins, bolstered by their new Cryptocurrency Holding Policy, which designates bitcoin as its primary long-term reserve asset. Additionally, Canaan’s U.S. subsidiary received an order from CleanSpark Inc. for more Avalon A1566I immersion-cooling bitcoin miners. The company also announced a purchase agreement to supply Cipher Mining with 6,840 Avalon A15Pro bitcoin mining machines for delivery in the third quarter of 2025. In other developments, an institutional investor completed the sale of its converted Series A-1 Convertible Preferred Shares into American Depositary Shares, following a previous financing agreement. This agreement initially provided Canaan with gross proceeds of $100 million, though the parties decided to terminate the second tranche of the planned $200 million financing.

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