Canaan Reports Record Digital Asset Holdings and Strong Hashrate Growth in April

Canaan Inc. (NASDAQ: CAN), a prominent player in the global Bitcoin mining hardware and data center sectors, has released its unaudited Bitcoin mining update for April 2026, showcasing significant operational advancements and a notable increase in its digital asset treasury. The report highlights substantial year-over-year growth in installed hashrate and the accumulation of record amounts of Bitcoin and Ethereum, alongside strategic moves into advanced mining technologies.

Operational Expansion Drives Hashrate Surge

Canaan's self-operated mining sites demonstrated robust expansion, with the month-end installed hashrate reaching 10.97 Exahashes per second (EH/s), marking an impressive 34.6% increase compared to the previous year. The operating hashrate for these sites also saw a healthy rise of 10.6%, reaching 6.86 EH/s. Hashrate, a critical metric in cryptocurrency mining, represents the total computational power being used to mine and process transactions on a blockchain, with higher hashrate generally indicating greater network security and a miner's competitive capacity.

Beyond its proprietary operations, Canaan's joint ventures played a crucial role, contributing approximately 48 BTC to the company's total production during April. These joint venture operations collectively boasted 4.82 EH/s of installed hashrate and 4.35 EH/s of operating hashrate. Furthermore, North American joint ventures alone provided around 120 megawatts (MW) of installed power capacity, underscoring Canaan's expansive infrastructure footprint. As of April 30, 2026, Canaan maintained a global presence with 13 active mining projects spread across five countries, indicating a diversified and strategically located operational base.

Record Digital Asset Holdings and Immersion Cooling Innovation

April was a landmark month for Canaan's digital asset treasury, which swelled to a record 1,826 Bitcoin (BTC) and 3,952 Ethereum (ETH) by month-end, after accounting for operational expenses. This accumulation reflects both the efficacy of its mining operations and a strategic decision to hold a significant portion of its mined assets. During the month, Canaan's self-mining activities yielded 90 BTC, supplemented by an additional 3 BTC received from customer payments.

In a forward-looking move, Canaan also announced a follow-on order from Tether, a leading stablecoin issuer, for high-density mining hash board modules on April 28, 2026. These specialized modules are designed to support next-generation immersion-cooled mining and computing systems. Immersion cooling technology, which involves submerging mining hardware in a dielectric fluid, is gaining traction in the industry for its ability to enhance cooling efficiency, reduce noise, and potentially extend the lifespan of mining equipment, thereby improving overall operational performance and sustainability. The deployment of these custom boards is slated for a Tether-affiliated facility in South America, building upon a successful proof-of-concept project initiated in 2025.

Canaan also reported an average all-in power cost of US$0.044 per kilowatt-hour (kWh) for April 2026. This metric is vital for assessing mining profitability, as energy consumption represents one of the largest operational expenditures for Bitcoin miners. Maintaining a competitive power cost is crucial in a dynamic market environment characterized by fluctuating Bitcoin prices and increasing network difficulty.