Singapore, February 19, 2025 — Canaan Technology (CAN.US), an innovator in cryptocurrency mining, released unaudited monthly updates on its Bitcoin mining operations as of January 31, 2025.
Management Commentary
Zhang Nan'geng, Chairman and CEO of Canaan Technology, stated:
"January 2025 marked steady progress across all business segments. We expanded our customer base, launched two Avalon home mining products, enhanced self-mining capabilities, and increased Bitcoin holdings. This quarter, we signed a procurement agreement with a U.S. strategic client for Avalon A15XP miners and expanded our joint mining agreement with Luna Square from 30MW to 36MW. Currently, 1,704 Avalon A14 series miners are operational in Texas, with more expected in Q1. Bitcoin production rose from 62 BTC in December 2024 to 88 BTC in January 2025. Our global hash rate grew 18.2% from 5.44 EH/s to 6.43 EH/s, while maintaining a competitive $0.04/kWh power cost and increasing profit-sharing ratios from 53.7% to 57.3%. These achievements support our mid-2025 targets of 10 EH/s in North America and 15 EH/s globally."
At CES 2025, Canaan introduced two groundbreaking Avalon home mining products:
- Avalon Mini 3: 37.5TH/s, 800W, integrates Bitcoin mining with home heating via a smartphone-managed smart device.
- Avalon Nano 3S: 6TH/s, 140W, 50% more compact and efficient than its predecessor.
Both products are available for pre-order on Canaan’s official website.
January 2025 Bitcoin Mining Business Update (Unaudited)
Key Metrics
| Metric | Value |
|---|---|
| Bitcoin Mined (January 2025) | 88 BTC |
| Global Hash Rate | 6.43 EH/s |
| Avg. Power Cost | $0.04/kWh |
| Profit-Sharing Ratio | 57.3% |
Operational Highlights
Self-Mining Expansion
- Extended joint mining agreement with Luna Square, adding 6MW in Pecos, Texas.
- Deployed 1,704 Avalon A14 miners (0.27 EH/s) in Pecos; more deployments planned for Q1.
- Upgraded Stronghold’s Panther Creek facility with 6,000 A14 miners (154TH/s avg.), boosting hash rate by 26% to 0.93 EH/s.
Product Innovation
- Launched Avalon Mini 3 and Nano 3S, merging Bitcoin mining with home heating solutions.
FAQs
Q: What are Canaan’s hash rate targets for 2025?
A: Canaan aims for 10 EH/s in North America and 15 EH/s globally by mid-2025.
Q: Where can I purchase Avalon home mining products?
A: Pre-orders are available on Canaan’s official website.
Q: How does Canaan maintain competitive power costs?
A: Through strategic partnerships and efficient mining hardware, achieving ~$0.04/kWh.
👉 Explore Canaan’s latest mining solutions
Forward-Looking Statements
This release contains forward-looking statements under the U.S. Private Securities Litigation Reform Act. Risks include Bitcoin price volatility, regulatory changes, and operational challenges. Canaan assumes no obligation to update these statements.
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