Canaan Inc. Provides July 2025 Bitcoin Production and Mining Operation Updates

Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, released its unaudited bitcoin mining update for the month ending July 31, 2025.

Management Commentary

“We’re pleased to report quarter-over-quarter improvement in our bitcoin mining performance, with monthly production resulting in 89 bitcoins, driven by a stronger bitcoin price and lower average power costs,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “In line with our recently announced Cryptocurrency Holding Policy, we retain bitcoins acquired through our daily operations as a long-term reserve asset. This policy allows us to accumulate bitcoin, and our total holdings at month-end were 1,511 bitcoins.”

“These results are especially impressive given the challenges we faced in July,” Zhang continued. “Following weather-related disruptions in June, our team has been working tirelessly to stabilize mining uptime, supporting our operating partners with top-tier hardware and service. In July, both deployed and operating hashrates declined, primarily due to our planned exit from Kazakhstan and the proactive termination of a hosting agreement with an underperforming site in South Texas. We are actively relocating these offline miners and expect to bring about half back online in August, with additional units to be energized in the near future.”

“Our ability to pivot toward better-performing hosting partners to substantially improve mining economics reflects our deep commitment to maximizing return on investment and reinforces Canaan’s strong reputation among miners. As more site operators gain firsthand experience with our products, they’re recognizing that Avalon miners are not only among the most efficient, but also exceptionally durable and user-friendly—even in the most challenging mining environments. This growing recognition is further validated by recent orders from some of the industry’s largest public mining companies”.