Canaan Inc. Reports on April 2025 Bitcoin Mining and Production Achievements
Caroline Bishop May 14, 2025 12:52
Canaan Inc. reveals its latest bitcoin mining and production updates for April 2025, highlighting global operational advancements and strategic expansions.
Canaan Inc. (NASDAQ: CAN), a prominent player in the crypto mining industry, has released its unaudited bitcoin mining update for April 2025. The company, known for its innovative approaches in mining technology, reported significant developments and strategic expansions across its global operations.
April 2025 Production Highlights
According to Canaan Inc., the company mined 87 bitcoins in April, adding 16 bitcoins to its holdings, which now total 1,424 bitcoins. Despite a dip in bitcoin prices, Canaan maintained a strong production output, reflecting its effective operational strategies.
In North America, Canaan's mining projects in Pennsylvania and Texas, established through partnerships with Luna Square and Mawson Hosting, contributed to an increase in both installed and energized hashrate, adding over 1.5 EH/s to the company's computing power. This expansion brought Canaan's total deployed hashrate to 8.15 EH/s, with 6.20 EH/s operational.
Global Expansion and Efficiency
Canaan's operations outside North America also showed robust performance. In Ethiopia, the company's joint-mining initiative achieved a 95% uptime in April despite minor disruptions, thanks to swift responses from local partners. This initiative is part of Canaan's strategy to mitigate geographic and political risks while capitalizing on lower power costs.
The company reported an average all-in power cost of US$0.044/kWh, underscoring its focus on cost-efficiency and sustainable growth. Furthermore, Canaan's global mining operations achieved an average miner efficiency of 27.4 J/TH.
Strategic and Financial Developments
Canaan Inc. also announced the termination of an agreement for an additional $100 million in preferred share financing due to market conditions. This decision was made mutually with the investor, following the successful receipt of the first tranche of $100 million.
In terms of product innovation, Canaan completed the taped-out process for its next-generation Avalon A16 bitcoin mining machine. The company plans to release performance data and distribute sample units to customers after completing full system testing.
Future Outlook
With its strategic expansions and operational efficiencies, Canaan Inc. continues to position itself as a leading force in the bitcoin mining industry. The company's commitment to innovation and strategic partnerships is expected to drive future growth and shareholder value.
For further details, please refer to the official announcement from Canaan Inc. on PR Newswire.
Image source: Shutterstock