Canaan Inc. (NASDAQ:CAN), an innovator of Bitcoin mining, reported today on their Bitcoin mining update, mining 109 bitcoins as of May 31, 2025. The company’s total Bitcoin holdings increased to 1,466 BTC.
“Despite the continued U.S. trade uncertainty, with tariffs on bitcoin mining machines we manufactured in Malaysia increased by 10%, we remain focused on executing strategic priorities through discipline and agility,” said the chairman and CEO of Canaan Nangeng Zhang. “By leveraging the favorable momentum of bitcoin prices, our bitcoin production grew by 25%, reaching a record 109 bitcoins. This performance marks a new monthly high for our mining production and brings our total cryptocurrency holdings to 1,466 bitcoins per month at the end of the month.”
As of May 31, 2025, the current mining projects in Canaan increased to 7.27 EH/s operational and 8.75 EH/s deployments hashrat. In the United States, 3.09 EH/s charge, including 0.02 EH/s in Canada. Ethiopia contributes 4.13 EH/S energy and the Middle East facilities supply 0.03 EH/s electricity. The total estimated global capacity is 8.75 EH/s.
“Our installation and operational bridges reach 8.75 EH/S and 7.27 EH/S respectively, highlighting the continued establishment of our global mining operations,” Zhang said. “We also achieved a new historical advanced level of installation computing power while maintaining competitive all-around costs. This performance demonstrates our ability to execute efficient and sustainable growth strategies.”
“As Bitcoin prices climb to historical levels, we see an increase in global demand for our mining machines,” Zhang commented. “Combining the strength of our mining business and our disciplined attitude to capital allocation, we remain confident in our business fundamentals and our ability to bring long-term value to shareholders.”
On June 9, 2025, the company announced that its CEO and its CFO acquired 817,268 shares of U.S. stocks at an average price per ad, demonstrating their belief in the company’s future.
“My share purchase highlights my belief in Canaan’s vision and the great opportunities ahead,” Zhang said in the announcement. “Both James and I believe there is a big disconnect between our current advertising prices and the value we think can be delivered in the next few years.”
