Canaan Expands Hashrate to 14.75 EH/s with 120 MW West Texas Capacity
In February, Canaan produced 86 BTC, bringing its digital asset treasury to 1,793 BTC and 3,952 ETH valued at US$128 million. Its deployed hashrate rose to 14.75 EH/s following acquisition of a 49% stake in West Texas data centers adding 120 MW at sub-US$0.03/kWh power cost.
1. February Bitcoin Production and Holdings
Canaan mined 86 BTC in February, raising its on-balance-sheet holdings to 1,793 BTC and 3,952 ETH with an estimated value of US$128 million, excluding assets held by its joint venture. Management emphasized that these reserves bolster the company’s balance sheet resilience amid crypto market volatility.
2. Hashrate Expansion and Energy Strategy
By month-end, the company’s deployed hashrate reached 14.75 EH/s, comprising 10.35 EH/s non-JV and 4.4 EH/s from its 49% joint venture in West Texas. The JV added 120 MW of power capacity at average rates below US$0.03/kWh, complementing existing North American capacity of 98.4 MW and supporting long-term efficiency gains.
3. Corporate Transactions and Management Alignment
On February 23, Canaan acquired Cipher Mining’s 49% interest in the Alborz, Bear and Chief Mountain projects via a US$39.75 million equity issuance at US$0.74 per ADS, adding 6,840 Avalon A15Pro machines. On March 3, CEO Nangeng Zhang and CFO Jin Cheng purchased 1,456,547 ADS at an average price of US$0.51 to reinforce alignment with shareholder interests.