Canaan mines 88 bitcoins in January

Canaan (CAN) released its unaudited bitcoin mining update for the month ending January 31, 2025. The company said, “In January, we made solid progress across all segments of our business, as we expanded our customer base, announced two Avalon Home consumer products, and advanced our self-mining capacity, leading to an increase in our bitcoin holdings,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “Early in the quarter, we announced that we signed a purchase agreement with a strategic U.S. customer for Avalon A15XP miners. Additionally, we expanded our joint mining agreement with Luna Square from 30MW to 36MW and, to date, have energized 1,704 A14 series Avalon miners, with more expected to come online in Texas in the first quarter. Sequentially, we increased the number of bitcoins that we mined, mining 88 bitcoins in January compared with 62 in December. We also increased our month-end deployed global hashrate by 18.2%, from 5.44 EH/s to 6.43 EH/s, and we improved our month-end average revenue split from 53.7% to 57.3% while maintaining the very competitive all-in power cost of 4 cents/kWh. We remain on track to reach 10 EH/s in North America and 15 EH/s globally by mid-2025. At CES in Las Vegas, we launched two groundbreaking Avalon Home products: the 37.5 TH/s Avalon Mini 3 and the 6 TH/s Nano 3S. The Avalon Mini 3 is a smart-home, app-controlled, 800-watt space heater that mines bitcoin, featuring a sleek design and quiet operation. The 140-watt Avalon Nano 3S, an upgraded version of the original Nano 3, features a compact, portable design, and nearly a 50% increase in computing power than its predecessor. Since their launch, both products have received many positive reviews and are available for pre-order on our website.”