Nangeng Zhang, chairman and CEO of Canaan, attributed the performance to disciplined execution and a focus on expanding mining infrastructure. The company’s joint venture with WindHQ, which covers the Alborz, Bear, and Chief Mountain facilities, returned to substantial operations by the end of the month. While some facilities faced temporary downtime, the firm maintained a consistent North American non-JV fleet efficiency of 17.9 J/TH.
In section Releases
Canaan Reports Bitcoin Mining Recovery and Treasury Expansion
Canaan Inc. produced 64 BTC in June, marking a month of operational recovery as the company’s joint venture in Texas resumed activity following wildfire-related disruptions. Despite grid maintenance challenges, the firm managed to add 49 BTC to its treasury, bringing total holdings to 1,915 BTC and 3,952 ETH.
Beyond mining production, Canaan has actively shifted its corporate standing. On July 1, the company transferred its American Depositary Shares listing to the Nasdaq Capital Market. Additionally, leadership signaled confidence in the long-term strategy as CEO Nangeng Zhang and CFO Jin "James" Cheng acquired 1,065,000 shares in the open market at an average price of $0.35. The company is also diversifying its technological footprint, recently securing a contract to provide hash-to-heat equipment for a Nordic district heating network, utilizing its Avalon A1566HA hydro-cooled units to supply hot water to local residents.
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