- Canaan Inc. (NASDAQ: CAN) produced 88 bitcoins in June 2025, down from May's record due to adverse weather in Texas and drought in Ethiopia.
- The company's bitcoin holdings hit a record high of 1,484 BTC, despite operational setbacks.
- Canaan is expanding its North American operations by adding 1 EH/s of computing power to U.S. facilities by July 2025 and is exiting operations in Kazakhstan.
Canaan Inc. (CAN, Financial) reported that its bitcoin production in June 2025 decreased to 88 bitcoins, following a record output in May. This decline was mainly attributed to severe weather conditions in Texas and drought-induced electricity limitations in Ethiopia, which affected their operations.
Amid these challenges, Canaan's strategic position remains robust, with bitcoin holdings reaching a record 1,484 BTC, underscoring the company's focus on increasing its bitcoin reserves. This positions Canaan well for potential future gains from bitcoin price appreciation.
The company maintains a competitive operational cost in the industry, with an average power cost of $0.045 per kWh. Its operational hashrate was reported at 6.57 EH/s, a decrease from the 8.15 EH/s deployed capacity, indicating downtime in parts of its mining equipment.
In its latest strategic moves, Canaan is enhancing its North American footprint by commissioning 1 EH/s of new computing power at U.S. sites, scheduled for completion by the end of July 2025. Concurrently, due to less favorable business conditions, the company is phasing out its operations in Kazakhstan, with 0.59 EH/s already offline and the remaining 0.22 EH/s scheduled for removal by July.
Canaan's executives have shown confidence in the company's future by buying 817,268 American Depositary Shares (ADS) at an average price of $0.76 per ADS. Additionally, the company has initiated a $30 million stock repurchase program, reflecting management's belief in the strong long-term prospects despite current operational challenges.
