CAN · Canaan Inc.

Canaan Inc. released its unaudited bitcoin mining update for April 2026, highlighting record cryptocurrency holdings and significant operational expansion. The company ended the month with 1,826 BTC and 3,952 ETH on its balance sheet, a record high, reflecting disciplined cash flow management and efficient mining operations. Self-mining produced 90 BTC, with an additional 3 BTC from customer payments. Installed hashrate reached 10.97 EH/s (excluding joint ventures), up 34.6% year-over-year, driven by expansion across 13 active mining projects in 5 countries. Global fleet efficiency improved to 23.6 J/TH from 27.4 J/TH a year earlier, reducing power costs to an average of $0.044/kWh. Joint venture operations in West Texas contributed 48 BTC and added 4.82 EH/s installed hashrate, with 120 MW installed power capacity. Management noted that compressed margins are reinforcing the foundation for sustainable growth, and conditions are becoming more favorable for efficient operators. Additionally, Canaan secured a follow-on order from Tether for high-density mining hash board modules, slated for deployment in South America, reflecting a trend toward modular mining architectures. The update underscores Canaan's focus on operational efficiency, strategic expansion, and partnership-driven growth.