Sold all ETH holdings and 54 BTC near short-term highs and repurchased 13.6 million ADSs
Equipment installation set to begin at Canadian compute heat recovery project
Management Commentary
"August was a month of steady execution and active capital allocation for the Company," said Nangeng Zhang, chairman and chief executive officer of Canaan. "We mined 44 BTC during the month and maintained our non-JV installed hashrate at 10.05 EH/s, supported by the competitive all-in power cost. Our joint venture installed hashrate continued to advance, reaching 4.92 EH/s at month-end."
Zhang continued, "In late August, we began converting a portion of our digital asset treasury into shareholder value. We sold our entire Ethereum position of 3,952 ETH along with 54 BTC at average prices of approximately
"We continue to build toward a more integrated computing and energy platform. At our compute heat recovery greenhouse project in
|
Key Metrics |
Results (Rounded Numbers) |
|
Bitcoins Mined During the Month |
44 BTC |
|
Month-End Bitcoins and ETH Owned by Canaan |
1,868 BTC 0 ETH |
|
Month-End Installed Hashrate (EH/s) |
Non-JV: 10.05 EH/s JV[5]: 4.92 EH/s |
|
Month-End Operating Hashrate (EH/s)[2] |
Non-JV: 10.05 EH/s JV[5]: 4.11 EH/s |
|
Month-End Average Revenue Split[3] |
60.6% (excluding JV ownership) |
|
Average All-in Power Cost During the Month[4] |
|
|
|
|
|
Global |
|
Month-End Average |
Non-JV: 17.9 J/TH JV[5]: 24.7 J/TH |
29.3 J/TH |
Non-JV: 23.7 J/TH JV[5]: 24.7 J/TH |
|
Month-End Installed |
Non-JV: 88.7 MW JV[5]: 120 MW |
157.5 MW |
Non-JV: 246.2 MW JV[5]: 120 MW |
|
Notes: |
|
[1] Defined as the total number of bitcoins and ETH owned by the Company on its balance sheet, including any bitcoins and ETH receivable, and excluding bitcoins and ETH received as customer deposits. |
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[2] Defined as the operating hashrate that could theoretically be generated by all energized mining machines as of month-end, including machines that may be temporarily offline, and applies only to non-JV operations. |
|
[3] Defined as the weighted average percentage that Canaan would receive from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of |
|
[4] Defined as the weighted average cost of power if 100% of the mining machines consisting of |
|
[5] "JV" represents the Company's 49% stake in the Alborz, Bear, and |
|
Current Mining Projects (As of |
|||||
|
Regions |
Active |
Operating |
Installed |
Expected |
Estimated |
|
Global |
13 |
14.15 EH/s |
14.96 EH/s |
0.27 EH/s |
15.23 EH/s |
|
America |
4 |
4.90 EH/s |
4.90 EH/s |
0.00 EH/s |
4.90 EH/s |
|
JV-WindHQ |
3 |
4.11 EH/s |
4.92 EH/s |
0.00 EH/s |
4.92 EH/s |
|
|
2 |
0.06 EH/s |
0.06 EH/s |
0.27 EH/s |
0.33 EH/s |
|
|
2 |
4.96 EH/s |
4.96 EH/s |
0.00 EH/s |
4.96 EH/s |
|
|
1 |
0.04 EH/s |
0.04 EH/s |
0.00 EH/s |
0.04 EH/s |
|
|
1 |
0.08 EH/s |
0.08 EH/s |
0.00 EH/s |
0.08 EH/s |
|
Notes: |
|
[6] Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized were currently in operation, including mining machines that may be temporarily offline, and applies only to non-JV operations. |
|
[7] Defined as the sum of |
|
[8] Defined as the amount of computing power that has been delivered to the country where each mining project is located, but not yet installed. |
|
[9] Defined as the sum of |
|
[10] Canaan has paused its mining operations in |
Recent Corporate Updates:
Authorized Share Repurchase Using Portion of Digital Asset Treasury
On
As of
About Canaan Inc.
Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan's founding team shipped to its customers the world's first batch of mining machines incorporating ASIC technology under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.'s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission ("SEC") on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.'s beliefs and expectations, such as expectations with regard to revenue or mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, the ability of the Company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company's expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company's expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company's investment plans and strategies, fluctuations in the Company's quarterly operating results; competition in its industry; changing macroeconomic and geopolitical conditions, including evolving international trade policies and the implementation of increased tariffs, import restrictions, and retaliatory trade actions; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Investor Relations Contact
Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com
Christensen Advisory
Christian Arnell
Email: canaan@christensencomms.com
Media Contact
BlocksBridge Consulting
Jesse Colzani
Email: canaan@blocksbridge.com
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SOURCE Canaan Inc.