Canaan Inc. mined 44 BTC in August and sold 3,952 ETH and 54 BTC for $13.9 million.

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Canaan Inc. mined 44 BTC in August, as the BTC market update reflects stable operations. The company sold 3,952 ETH and 54 BTC at $2,400 and $79,000, respectively, generating $13.9 million. It used $5.4 million to repurchase 13.6 million ADS, bringing the total repurchased for the year to 16.4 million. At month-end, the company held 1,868 BTC. Non-joint venture mining reached 10.05 EH/s, while joint ventures operated at 4.92 EH/s, with an average electricity cost of $0.043 per kWh.

ME News reported on September 14 (UTC+8) that Canaan (CAN) released its unaudited Bitcoin mining operational data for August. In August, the company mined 44 BTC, and as of month-end, held 1,868 BTC on its balance sheet, with all ETH holdings fully liquidated. At the end of August, the company sold its entire holdings of 3,952 ETH and 54 BTC at average prices of approximately $2,400 and $79,000 respectively, generating total proceeds of about $13.9 million. Of this amount, approximately $5.4 million was used to repurchase around 13.6 million ADS shares, bringing the total ADS repurchased year-to-date to approximately 16.4 million shares. The company’s non-joint venture mining sites have a total installed hashrate of 10.05 EH/s, while its joint venture (JV) mining sites have an installed hashrate of 4.92 EH/s. The aggregate electricity cost for the month was approximately $0.043 per kWh. (Source: ChainCatcher)

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