On June 9, 2025, Canaan Inc. (NASDAQ: CAN) – one of the leading Bitcoin (ASIC) mining and manufacturing companies – announced that it mined 109 BTC in May, bringing its total Bitcoin holdings to 1,466 BTC. This is the highest production level ever for the company, despite challenges from tariffs and market fluctuations.
1. Details on Mining Operations
Strong growth in production: Up 25% compared to April 2025 thanks to leveraging the Bitcoin price increase.
Global hashrate:
Operational hashrate: 7.27 EH/s.
Deployed hashrate: 8.75 EH/s.
Geographical distribution: USA (3.09 EH/s), Canada (0.02 EH/s), Ethiopia (4.13 EH/s), Middle East (0.03 EH/s).
Competitive electricity costs: Maintaining high performance through energy optimization at facilities.
Statement from CEO Nangeng Zhang:
"Despite a 10% import tax on mining machines produced in Malaysia, we remain focused on a sustainable development strategy. This achievement demonstrates Canaan's adaptability and efficiency."
2. Positive Signals from Management
Insider stock purchases: On June 9, CEO Zhang and CFO James Jin Cheng purchased 817,268 shares (ADS) at an average price of $0.76/ADS, demonstrating confidence in long-term prospects.
Reason to buy: According to Zhang, the current stock price does not accurately reflect the potential of #Canaan especially as Bitcoin continues to set new peaks.
3. Market Context and Future Direction
High Bitcoin prices: Driving revenue from sales of mining machines and mining activities.
Global expansion: Canaan focuses on markets with cheap electricity like Ethiopia to optimize profits.
Competing with rivals: Maintaining an advantage through high-performance ASIC technology and a self-operating mining network.
4. Risks to Consider
Price volatility #bitcoin : If prices drop sharply, profits from mining may be affected.
Trade barriers: High import taxes in the US may increase production costs.
Intense competition: Rivals such as Bitmain (Antminer) and Marathon Digital continue to expand market share.
⚠️ Note: Investing in cryptocurrency mining company stocks carries high risks due to dependence on Bitcoin prices and operating costs. #anhbacong