Canaan Inc. mined 89 Bitcoin in July, raising the total Bitcoin held to 1,511 and completing its withdrawal from mining activities in Kazakhstan.
The company is restructuring mining operations by terminating the equipment placement contract in Texas, while transferring equipment to a new partner and continuing to maintain the long-term Bitcoin holding policy.
MAIN CONTENT
Canaan mined 89 Bitcoin in July and holds a total of 1,511 Bitcoin.
Completed withdrawal from the Kazakhstan mining market, transferring equipment in Texas to a new partner.
The average electricity cost reached $0.042/kWh, applying the long-term Bitcoin holding policy.
What results has Canaan Inc. achieved in Bitcoin mining in July?
Canaan Inc. mined 89 Bitcoin in July, raising the total Bitcoin held to 1,511 by the end of the month, according to a PRNewswire announcement.
This figure reflects positive mining efficiency amid volatility in the Bitcoin mining industry. Maintaining 7.95 EH/s of deployed mining capacity indicates the scale and stable operational capacity of the company.
Additionally, the company maintains an average operating capacity of 6.24 EH/s and an electricity cost of around $0.042 per kWh, optimizing mining costs under current energy conditions.
How is the restructuring of mining operations progressing?
Canaan has completed the withdrawal of all mining activities from Kazakhstan and terminated the equipment placement contract with a capacity of 0.96 EH/s in Texas.
This equipment is being transferred to a new partner, and approximately 0.50 EH/s of capacity is expected to be restored in August, reflecting the company's flexible adjustment strategy to adapt to the market.
The equipment transfer and restructuring help Canaan focus on more efficient operations and optimize resources in the long term.
Canaan Inc. media representative, 08/2024, PRNewswire
This shows that the company pursues a long-term strategy by optimizing costs and maintaining superior mining capacity in the global market.
What does Canaan's long-term Bitcoin holding policy signify?
Canaan officially adopts a long-term Bitcoin holding strategy instead of selling immediately after mining, to leverage price appreciation potential in the medium and long term.
This policy demonstrates the company's belief in the value and sustainable development of Bitcoin in the global cryptocurrency market.
The move to long-term Bitcoin holding reflects our commitment to the sustainable development of the cryptocurrency ecosystem.
Canaan Inc. CEO, 2024
Frequently Asked Questions
How much Bitcoin did Canaan mine in July 2024?
In July 2024, Canaan mined 89 Bitcoin, raising the total holding to 1,511.
What is the current scale of Canaan's mining capacity?
Canaan's deployed capacity is 7.95 EH/s, with an average operating capacity of 6.24 EH/s.
Which mining market did Canaan withdraw from in 2024?
The company has completed its withdrawal from Kazakhstan and terminated the mining placement in Texas.
What is Canaan's average electricity cost in Bitcoin mining?
The average electricity cost that Canaan applies in mining is $0.042/kWh.
What does Canaan's long-term Bitcoin holding policy mean?
This policy reflects the belief in the growth of Bitcoin value and the goal of sustainable development.
Source: https://tintucbitcoin.com/canaan-technology-thu-89-bitcoin-thang-7/
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