Bitcoin News Today: Canaan Mines 89 Bitcoins in July Boosting Holdings to 1,511

Canaan Inc. (NASDAQ: CAN) disclosed on August 1, 2025, that it mined 89 bitcoins in July, bringing its total holdings to 1,511 bitcoins by the end of the month[1]. This update reflects the company’s ongoing commitment to bitcoin as a long-term reserve asset, as outlined in its Cryptocurrency Holding Policy, announced on July 30[2]. The policy specifies that mined coins will generally be retained unless liquidity or risk considerations require their sale.

The company attributed the July output to a stronger bitcoin price and reduced average power costs, despite weather-related disruptions in June and the ongoing wind-down of operations in Kazakhstan[2]. Operating and deployed hashrates saw a decline during the month, with a month-end operating hashrate of 6.24 EH/s and a deployed hashrate of 7.95 EH/s[2]. Management noted that approximately half of the offline miners are expected to return to operation in August as the company continues to relocate and redeploy equipment.

Canaan also reported an average all-in power cost of $0.042 per kilowatt-hour in July[2]. Operational adjustments, including the termination of a hosting agreement in South Texas and the redeployment of mining units to higher-performing locations, reflect the company’s broader strategy to optimize mining economics. These actions are part of a larger effort to adapt to evolving market conditions and infrastructure demands.

The company’s July update follows several recent corporate developments, including a $100 million preferred shares financing in March 2025 and subsequent sales of Series A-1 preferred shares in July[2]. Canaan has also secured purchase agreements with industry clients such as Cipher Mining and CleanSpark, underscoring continued confidence in its hardware and operational efficiency.

Management reiterated a focus on maximizing return on investment and leveraging the company’s reputation for durable, high-efficiency mining equipment. Canaan’s Avalon series has gained growing recognition from major industry players, reinforcing the company’s position in the sector. The reported 1,511 bitcoins include on-balance-sheet holdings and receivables but exclude customer deposits[2].

The July 2025 update highlights Canaan’s efforts to maintain flexibility in a volatile market, with forward-looking statements indicating expectations for redeploying offline miners and improved future performance. These projections, however, remain subject to inherent risks and uncertainties[2].

Source:

[1] Canaan reports July holdings of 1511 bitcoins. https://seekingalpha.com/news/4481421-canaan-reports-july-holdings-of-1511-bitcoins

[2] Canaan Inc. Provides July 2025 Bitcoin Production and Mining Operation Updates. https://www.prnewswire.com/news-releases/canaan-inc-provides-july-2025-bitcoin-production-and-mining-operation-updates-302524219.html