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SINGAPORE - Cryptocurrency mining company Canaan Inc. (NASDAQ:CAN), whose stock has shown strong momentum with an 87% surge over the past six months according to InvestingPro data, reported its deployed hashrate reached 9.30 EH/s with 7.84 EH/s in operation as of September 30, according to a company press release.
The company mined 92 bitcoins in September while maintaining its cryptocurrency treasury at record levels of 1,582 bitcoins and 2,830 ETH. Canaan reported an average all-in power cost of $0.042/kWh across its global mining operations. Despite its $572 million market capitalization, InvestingPro analysis indicates the company faces challenges with profitability, as reflected in its negative EBITDA of $135 million in the last twelve months.
Canaan improved its mining efficiency in North America to 19.7 J/TH, compared to a global average of 25.7 J/TH. The company’s mining infrastructure spans eight active projects across multiple regions, with significant operations in America (4.60 EH/s installed) and Ethiopia (4.56 EH/s installed).
The company recently partnered with Soluna Holdings to deploy 20 MW of Avalon A15 XP Bitcoin miners at a wind-powered data center in Texas, with deployment expected in Q1 2026.
Canaan also secured an order from a U.S.-based bitcoin mining operator for over 50,000 Avalon A15 Pro mining machines, which the company described as its largest single order in three years. The machines are scheduled for delivery in Q4 2025.
"By deploying our latest-generation bitcoin mining machines, we improved our North American efficiency to 19.7 J/TH, reflecting our commitment to operational excellence and energy performance," said Nangeng Zhang, chairman and chief executive officer of Canaan, in the statement.
The company maintains mining operations across America, Canada, Ethiopia, the Middle East, and Malaysia, with a total estimated computing power of 10.31 EH/s when including machines that have been delivered but not yet installed. According to InvestingPro, while Canaan’s revenue grew by 82% in the last twelve months, analysts expect continued growth this year despite operational challenges. For deeper insights into Canaan’s financial health and future prospects, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Soluna Holdings, Inc. has settled all outstanding matters with NYDIG, as disclosed in a Form 8-K filed on September 30, 2025. This settlement allows Soluna to focus on future growth, and the company has also announced regaining compliance with Nasdaq’s continued listing requirements. In a related development, Soluna and Canaan Inc. have entered a strategic hosting agreement to deploy 20 megawatts of Avalon A15 XP Bitcoin miners at Soluna’s Project Dorothy in Texas, utilizing wind energy. This deployment is expected to begin in the first quarter of 2026 and will contribute approximately 1 exahash per second of mining capacity.
Canaan Inc. has also made headlines by securing its largest mining machine order in three years. The company received a purchase order for over 50,000 Avalon A15 Pro mining machines from a U.S.-based bitcoin mining operator. This significant order underscores a renewed demand in the crypto mining sector, although financial terms were not disclosed. The machines are scheduled for delivery in the fourth quarter of 2025, marking a substantial boost in Canaan’s operations. These recent developments highlight key advancements for both Soluna Holdings and Canaan Inc.
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