Canaan Mines 89 Bitcoins in July 2025, Sets New Quarterly Record

Canaan, a bitcoin mining company, reported 89 bitcoins mined in July 2025, driven by a stronger bitcoin price and lower power costs. The company retains mined bitcoins as a long-term reserve asset, with total holdings of 1,511 bitcoins at month-end. Canaan faced challenges in July due to weather-related disruptions and a planned exit from Kazakhstan, but is actively relocating miners and expects to bring half back online in August.

Canaan Inc. (NASDAQ: CAN), a leading innovator in cryptocurrency mining, has reported that it mined 89 bitcoins in July 2025. This marks a significant increase in mining performance, 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 a disciplined approach to accumulating bitcoins as a long-term reserve asset [2].

The company's month-end operating hashrate was 6.24 EH/s, while the deployed hashrate was 7.95 EH/s. These metrics indicate a quarter-over-quarter improvement in mining performance. Despite facing challenges such as weather-related disruptions in June and a planned exit from Kazakhstan, Canaan has been actively relocating its miners and expects to bring half of them back online in August [2].

The company's operational resilience is further demonstrated by its ability to pivot towards better-performing hosting partners, thereby enhancing mining economics. Canaan's commitment to maximizing return on investment is evident in its strong reputation among miners and recent orders from major public mining companies [2].

In addition to its mining operations, Canaan has announced several strategic updates. It has entered into a follow-on order with Cipher Mining for Avalon A15Pro miners to support the Black Pearl facility, highlighting the company's product performance and alignment with Cipher Mining. The company also completed the conversion of its Series A-1 Preferred Shares and adopted a Cryptocurrency Holding Policy, reinforcing its strategic commitment to Bitcoin [2].

Canaan's recent operational update includes the termination of a hosting agreement involving approximately 0.96 EH/s of Canaan-owned miners at a site in South Texas. These miners are currently being shipped to alternative hosting partner sites for redeployment, with approximately 0.50 EH/s expected to come back online in August [2].

Canaan Inc., established in 2013, focuses on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. The company's extensive experience in chip design and streamlined production in the ASIC field has positioned it as a key player in the cryptocurrency mining industry [2].

References:
[1] https://seekingalpha.com/news/4481421-canaan-reports-july-holdings-of-1511-bitcoins?feed_item_type=news
[2] https://www.marketscreener.com/news/canaan-inc-provides-july-2025-bitcoin-production-and-mining-operation-updates-ce7c5edfdc80f126