Canaan Inc. Reports Record Bitcoin (BTC) Production Amid U.S. Trade Challenges
Jessie A Ellis Jun 10, 2025 03:27
Canaan Inc. announces a record 25% increase in Bitcoin production for May 2025, despite U.S. trade challenges affecting its operations. The company achieved a new high of 109 Bitcoins.
Canaan Inc. (NASDAQ: CAN), a leading technology company in the cryptocurrency mining sector, has reported a remarkable 25% increase in Bitcoin (BTC) production for May 2025. The company achieved a new monthly high of 109 Bitcoins, according to a recent update from Canaan Inc. Despite facing a 10% increase in tariffs on its Malaysia-manufactured mining machines due to ongoing U.S. trade uncertainties, Canaan has managed to capitalize on the favorable momentum in Bitcoin prices.
Key Metrics and Performance
The company’s installed and operational hashrates reached 8.75 EH/s and 7.27 EH/s, respectively, showcasing the continued expansion of its global mining operations. Canaan's total cryptocurrency holdings now stand at an all-time high of 1,466 Bitcoins by the end of May. The company also maintained a competitive all-in power cost of US$0.046/kWh, emphasizing its strategy of efficient and sustainable growth.
Global Demand and Strategic Growth
With Bitcoin prices climbing to historic levels, Canaan is witnessing increased global demand for its mining machines. The company remains confident in its business fundamentals and long-term shareholder value, driven by the strength of its mining operations and disciplined capital allocation. Canaan's mining infrastructure spans various regions, with an installed power capacity of 239.7 MW globally, including 76.3 MW in North America alone.
Corporate Developments and Future Plans
In recent corporate developments, Canaan’s CEO and CFO have shown confidence in the company's future by purchasing 817,268 American Depositary Shares at an average price of US$0.76 per ADS. Additionally, the board of directors has authorized a US$30 million stock repurchase program, set to enhance shareholder value over the next six months. However, due to market conditions, a previously planned US$100 million preferred share financing agreement was mutually terminated.
Expansion and Strategic Initiatives
Canaan is actively expanding its self-mining operations, notably energizing an additional 0.91 EH/s across four projects in North America. The company's strategic focus remains on enhancing its mining efficiency and expanding its operational footprint to reinforce its position in the global cryptocurrency mining industry.
For more details on Canaan Inc.'s latest operations and strategic initiatives, visit their official announcement on Canaan Inc..
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