Canaan announces Bitcoin production and mining operations update for September 2026.
The Nordic district heating project is now fully operational.
The treasury holds 1,875 bitcoins, and 44 bitcoins were mined in September.
Singapore, October 15 /PRNewswire/ -- Canaan Inc. (Nasdaq: CAN) ("Canaan" or the "Company") today released its unaudited monthly Bitcoin mining update as of September 30, 2026.
Management Commentary
Zhang Nangeng, Chairman and CEO of Canaan, said: "In September, the Bitcoin market continued to demonstrate resilience, moving forward amid macroeconomic and policy uncertainties, while institutional participation remained stable. Hashprice has continued its recovery since August, indicating improving mining economics and providing a cautiously optimistic signal for the market."
Under these conditions, our focus remains on steady execution. Our non-joint venture operations have maintained stable installed hashrate at 10 EH/s. Despite rising network difficulty, we mined 44 bitcoins this month, bringing our total bitcoin holdings to 1,875 at month-end. Our joint venture operations also performed steadily, with installed hashrate at 4.87 EH/s and operational hashrate at 4.18 EH/s at month-end.
Zhang Nengeng continued, “We have also seen encouraging progress in integrated computing and energy strategies. Our 8-megawatt Nordic district heating project is now fully operational, delivering recovered computing heat to approximately 2,800 households. In Canada, our greenhouse waste heat recovery project is advancing toward planned deployment pending completion of on-site inspections. These milestones further validate the potential of our technology to connect computing and energy infrastructure through waste heat reuse initiatives.”
Looking ahead, we will continue to build momentum in advancing our computing and energy initiatives and seek opportunities to turn our capabilities into results. We remain committed to disciplined execution and creating sustainable long-term value for our shareholders.
Bitcoin mining update for September 2026 (unaudited)
Bitcoin mining infrastructure update for September 2026 (unaudited)
Note:
- 1. The total amount of Bitcoin held on the company’s balance sheet, including any receivable Bitcoin, but excluding Bitcoin received as customer deposits.
- 2. Refers to the theoretical mining power that all powered mining machines could generate as of the end of the month, including those temporarily offline; applicable only to non-joint venture operations.
- 3. The weighted average percentage the company can receive from total revenue under a joint mining arrangement, assuming all mining rigs composed of installed computing power are powered on.
- 4. The weighted average electricity cost when 100% of the installed mining capacity is powered on.
- 5. "JV" represents the company's 49% equity interest in the Alborz, Bear, and Chief Mountain facilities in West Texas. The joint venture metrics are presented separately and are not included in the calculation of bitcoin production or average consolidated electricity cost.
- 6. Refers to the theoretical computing power that could be generated if all powered mining machines were currently operational, including those that may be temporarily offline; applicable only to non-joint ventures.
- 7. The sum of operational computing power and installed but not yet operational computing power, if any.
- 8. Refers to computing power that has arrived in the countries where mining projects are located but has not yet been installed.
- 9. The sum of installed computing power and expected computing power.
- 10. Canaan has suspended its mining operations in Ethiopia, but its computing power is still included in the company's installed hashrate.
Recent company updates:
Use a portion of the digital asset treasury to authorize share repurchases
On August 4, 2026, the company announced that it has authorized management to liquidate a portion of its digital asset treasury to repurchase its ADSs. The repurchases will be conducted under the existing share repurchase program authorized by the company’s board of directors on December 12, 2025. Management believes that the current market value does not fully reflect the company’s underlying assets and performance. The decision to use a portion of the digital asset treasury for ADS repurchases demonstrates management’s confidence in the company’s strategy and represents a prudent approach to capital allocation aimed at enhancing long-term shareholder value.
As of October 15, 2026, the company has converted 3,952 ETH and 54.5 BTC into approximately $13.9 million in cash. In late August, the company used $5.4 million to repurchase 13.6 million ADSs. Year-to-date, the company has repurchased a total of approximately 16.4 million ADSs.
About Canaan Inc.
Canaan was founded in 2013 and is a technology company specializing in ASIC high-performance computing chip design, chip development, computing equipment manufacturing, and software services. Canaan has extensive experience in ASIC chip design and large-scale production. In 2013, Canaan’s founding team delivered the world’s first ASIC-based mining machines under the Avalon brand. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. For more information, visit https://www.canaan.io/.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by words such as “will,” “expect,” “anticipate,” “future,” “intend,” “plan,” “believe,” “estimate,” and similar expressions. Among other things, business outlooks and management remarks in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), including Forms 20-F and 6-K, annual reports to shareholders, press releases, other written materials, and oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements regarding Canaan Inc.’s beliefs and expectations—such as expectations regarding revenue or mining hash rate deployment—are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Various factors may cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to: the company’s objectives and strategies; the company’s future business development, ability to achieve its goals, financial condition, and operating results; expected growth in the bitcoin industry and bitcoin price; the company’s expectations regarding product demand and market acceptance, particularly for bitcoin miners; the company’s expectations regarding maintaining and strengthening relationships with manufacturing partners and customers; the company’s investment plans and strategies, as well as fluctuations in quarterly operating performance; industry competition; evolving macroeconomic and geopolitical environments, including changes in international trade policies and the implementation of tariffs, import restrictions, and retaliatory trade actions; and government policies and regulations relating to the company and cryptocurrencies. For more information regarding these and other risks, please refer to the company’s filings with the SEC. All information provided in this press release and its attachments is current as of the date of this press release, and except as required by applicable law, Canaan Inc. undertakes no obligation to update any forward-looking statements.
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Canaan Inc.
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