Bitcoin News Today: Canaan's Gas-to-Gold Mining: Eco-Friendly Tech Boosts BTC and Efficiency

Canaan Inc. (NASDAQ: CAN), a leading cryptocurrency mining firm, reported significant progress in October 2025, mining 92 BTC and expanding its cryptocurrency treasury to 1,610 BTC and 3,950 ETH by month-end. The company's unaudited operational update highlights a deployed hashrate of 9.31 EH/s and an operating hashrate of 7.85 EH/s, with efficiency improvements in its North American operations, according to a PR Newswire report.

The firm's chairman and CEO, Nangeng Zhang, emphasized disciplined mining operations and treasury management as key drivers of the growth. Despite rising Bitcoin mining difficulty, Canaan maintained stable revenue splits and power costs, averaging $0.042/kWh in October. The company also redeployed underperforming mining hardware, boosting its operating hashrate to 8.25 EH/s by mid-November, as noted in the same PR Newswire report.

Canaan's strategic initiatives in sustainability and innovation further underscore its long-term vision. A gas-to-computing pilot in Alberta, Canada, converts stranded natural gas into low-cost energy for Bitcoin mining, aligning with its focus on scalable, eco-friendly infrastructure. Concurrently, the firm launched its next-generation Avalon® A16XP ASIC miner, which delivers 300 TH/s at 12.8 J/TH efficiency, setting a new benchmark for energy-optimized hardware, according to the PR Newswire report.

The broader cryptocurrency market also showed signs of resilience. According to an Asia Morning Briefing report, Bitcoin ETFs attracted $299.8 million in net inflows as of November 7, reversing a two-week redemption streak, as reported in a Yahoo Finance report. This trend reflects renewed investor confidence in crypto-linked products, with Fidelity's FBTC and Ark 21Shares (ARKB) leading the influx. Analysts note that Bitcoin's proximity to 95% of its max supply reinforces its appeal as a store of value, despite short-term volatility, as the Yahoo Finance report highlights.

Canaan's operational and technological advancements position it to capitalize on the evolving crypto landscape. With additional mining capacity expected to come online in Q4 2025, the company aims to further enhance efficiency and expand its global footprint.