Canaan Boosts Bitcoin Production 25% on Hashrate Ramp-up

Canaan has increased its Bitcoin production and realized hashrate by over 20% in May as the mining hardware maker continued to expand its mining operations globally.

Canaan said in its May production update that it mined a record 109 BTC, a 25% rise from April. The production boost lifted Canaan’s realized hashrate by 21% month-over-month to 6.67 EH/s. The company reported an installed hashrate of 8.75 EH/s and an operational hashrate of 7.27 EH/s as of month-end.

The production gains came as Canaan expanded its self-mining fleet, particularly in North America, where it added 0.91 EH/s of energized capacity across four sites during the month. Canaan’s total Bitcoin holdings stood at 1,466 BTC at the end of May, also an all-time high for the firm.

Canaan continues to diversify its mining footprint geographically, with projects in the U.S., Canada, Ethiopia, Kazakhstan, and the Middle East. Ethiopia remains a key location, contributing 4.13 EH/s of energized capacity — more than half of Canaan’s operational hashrate.

The operational update also follows the company’s announcement that it had terminated the second tranche of a Series A-1 Preferred Shares financing agreement.

Canaan initially secured a $100 million tranche in March as part of a $200 million financing deal with an institutional investor, but both parties mutually agreed to cancel the second $100 million tranche, citing “unforeseen market conditions,” effective April 30.

In an effort to boost investor confidence, Canaan’s CEO Nangeng Zhang and CFO both purchased a combined 817,268 ADSs at an average price of $0.76 per share, according to an earlier corporate update. The board also authorized a $30 million stock repurchase program in late May.

Canaan’s mining results came against a backdrop of ongoing trade tensions. The company noted that U.S. tariffs on Malaysia-made mining machines — a manufacturing hub for Canaan — increased by 10% in May due to escalating trade uncertainties.