Strong Bitcoin Mining Growth Boosts Canaan (CAN) Shares

Feb 19, 2025

Canaan Inc. (CAN, Financial) reported a significant increase in Bitcoin mining output for January. The company mined 88 Bitcoins, marking a 42% rise compared to the 62 Bitcoins mined in December. This growth is attributed to the company's enhanced operational capabilities, with its computing power reaching 5.53 EH/s by the end of the month. Canaan's average all-inclusive electricity cost was $0.04 per kilowatt-hour.

CEO Nangeng Zhang highlighted the company's progress across various business areas, including an expanded customer base, the launch of two Avalon Home consumer products, and improved self-mining capabilities, which have boosted their Bitcoin holdings.

Looking ahead, Canaan aims to achieve a computing power of 10 EH/s in North America and 15 EH/s globally by mid-2025. The company's stock saw a nearly 3% increase in pre-market trading, while Bitcoin's price rose by 1.38% to $96,350.

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