Canaan Inc. Reports 89 Bitcoins Mined in July 2025, Boosts Holdings to 1,511 Bitcoins

Canaan Inc. mined 89 bitcoins in July 2025, boosting its total holdings to 1,511 bitcoins. The company exited Kazakhstan and terminated a hosting agreement in South Texas, affecting 0.96 EH/s of its mining capacity. Canaan secured follow-on orders from Cipher Mining and CleanSpark for its Avalon miners, demonstrating strong product demand. The company adopted a new Cryptocurrency Holding Policy and converted its Series A-1 Preferred Shares worth $100 million, solidifying its financial stability and strategic expansion plans.

Canaan Inc. (NASDAQ: CAN), a leading innovator in crypto mining, has released its unaudited bitcoin mining update for the month ending July 31, 2025. The company reported a quarter-over-quarter improvement in its bitcoin mining performance, with monthly production resulting in 89 bitcoins [1]. This increase was driven by a stronger bitcoin price and lower average power costs.

The company's total holdings at month-end stood at 1,511 bitcoins, reflecting its strategic Cryptocurrency Holding Policy. Under this policy, bitcoins acquired through daily operations are retained as a long-term reserve asset. This policy allows Canaan to accumulate bitcoins and maintain a stable financial position.

Despite facing challenges in July, including weather-related disruptions in June and the exit from Kazakhstan, Canaan's team worked tirelessly to stabilize mining uptime. The company terminated a hosting agreement with an underperforming site in South Texas, affecting approximately 0.96 EH/s of its mining capacity. These efforts are part of Canaan's commitment to maximizing return on investment and improving mining economics.

Canaan has seen strong demand for its Avalon miners, with recent follow-on orders from Cipher Mining and CleanSpark. These orders highlight the growing recognition of Avalon miners' efficiency, durability, and user-friendliness in challenging mining environments. Cipher Mining's latest order will support the build-out of its Black Pearl facility, while CleanSpark's order will bolster its state-of-the-art immersion mining fleet in Norcross, Georgia.

In addition to these operational updates, Canaan has made significant financial strides. The company converted its Series A-1 Preferred Shares worth $100 million and adopted a formal Cryptocurrency Holding Policy. These moves reinforce Canaan's financial stability and strategic expansion plans.

Canaan's ability to pivot towards better-performing hosting partners and secure follow-on orders demonstrates its resilience and commitment to the crypto mining industry. As more site operators gain firsthand experience with Avalon miners, they are recognizing the value of Canaan's products. This growing recognition is further validated by recent orders from some of the industry's largest public mining companies.

References:
[1] https://www.prnewswire.com/news-releases/canaan-inc-provides-july-2025-bitcoin-production-and-mining-operation-updates-302524219.html