Canaan Achieves 1,867 BTC in Bitcoin Holdings
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 3 days ago
0mins
Canaan released its unaudited bitcoin mining update for the month ending May 31. Cannan achieved cryptocurrency holdings of 1,867 BTC and 3,952 ETH. Non-JV installed hashrate was 10.05 EH/s. "As we continued to streamline our self-mining portfolio and improve operational efficiency, our mining operations delivered solid results during May," said CEO Nangeng Zhang. "Our self-mining operations delivered 90 BTC during the month, with an additional 24 BTC originating from customer payments. As a result, our cryptocurrency treasury reached a record high of 1,867 BTC and 3,952 ETH by the month-end. Following the planned expiration of a hosting agreement during the month, we further refined our mining footprint, ending the month with 10.05 EH/s of installed hashrate and 6.47 EH/s of operating hashrate. Importantly, our North American self-mining fleet achieved an average efficiency of 17.9 J/TH, representing our best regional fleet performance to date and an ~11% YoY growth. Our global average mining efficiency in May was 23.7 J/TH, representing a 13.5% improvement YoY. Our joint venture operations generated approximately 45 BTC during May, nearly matching April's production despite wildfire-related disruptions at the Alborz site. We expect the site to return to full operations within the coming week. We would like to thank WindHQ for its rapid and professional response to the disruption, which reflects the strong partnership we have built."
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Analyst Views on CAN
Wall Street analysts forecast CAN stock price to rise
5 Analyst Rating
4 Buy
1 Hold
0 Sell
Strong Buy
Current: 0.331
Low
1.75
Averages
2.85
High
4.00
Current: 0.331
Low
1.75
Averages
2.85
High
4.00
About CAN
Canaan Inc. provides high performance computing solutions through its proprietary application-specific integrated circuits (ASICs). The Company is a fabless IC designer engaged in the front-end and back-end of IC design. The Company primarily offers its technology and expertise in ASIC applications to Bitcoin mining machines and is also a producer of Bitcoin mining machines in the global market. The Company, through its subsidiaries, independently designs and develops its products in-house, including the design of proprietary ASIC chips for its Bitcoin mining machines. It has in-house production capabilities to assemble both Bitcoin mining machines and artificial intelligence (AI) chips. It assembles its Bitcoin mining machines primarily at its assembly plant located in the People’s Republic of China (PRC) by integrating the ICs designed by the Company and related components it procures. It also intends to engage in Bitcoin mining through self-owned facilities.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Canaan Releases May 2026 Bitcoin Mining Update
- Bitcoin Production: Canaan reported a total production of 114 BTC in May 2026, comprising 90 BTC from self-mining and 24 BTC from customers, indicating stable operational capacity in the competitive Bitcoin market.
- Crypto Treasury Growth: The company's crypto treasury reached a record high of 1,870 BTC and 3,950 Ethereum by the end of May, reflecting strong performance and effective asset management in the cryptocurrency sector.
- Hashrate and Efficiency Gains: With an installed hashrate of 10.05 EH/s and an operating hashrate of 6.47 EH/s, global mining efficiency improved by 13.5% year-over-year to 23.7 J/TH, showcasing successful cost control and technological optimization efforts.
- Project Expansion and Partnerships: Canaan operates 12 mining projects globally with a total computing power of 14.96 EH/s and has expanded its 8 MW Nordic hash-to-heat project, further strengthening its partnership with Tether, demonstrating strategic positioning in the industry.
See More
Canaan Inc. Bitcoin Mining Update for May 2026
- Efficiency Improvement: Canaan's North American self-mining fleet achieved an average efficiency of 17.9 J/TH, reflecting an approximately 11% year-over-year growth, which signifies a substantial advancement in operational efficiency and strengthens its competitive position in the cryptocurrency market.
- Stable Bitcoin Production: In May, the company mined a total of 90 BTC from self-mining operations, with an additional 24 BTC from customer payments, resulting in a Bitcoin treasury of 1,867 BTC, demonstrating sustained profitability and asset growth potential in the market.
- Global Hashrate Optimization: By the end of May, Canaan's total hashrate reached 10.05 EH/s, with an operating hashrate of 6.47 EH/s, indicating that the company has optimized its hashrate configuration globally, enhancing overall operational efficiency.
- Hash-to-Heat Project Expansion: The company secured an 8 MW order for its hash-to-heat project in the Nordic region, showcasing the commercial potential of its technology beyond traditional mining applications, further solidifying its leadership in the energy-efficient solutions market.
See More
Investment Comparison: Canaan vs CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported revenue of nearly $529.7 million, a 96.7% increase year-over-year, despite a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the rapidly growing semiconductor market.
- CleanSpark Profitability: CleanSpark achieved revenue of about $766.3 million in FY 2025, up 102.2% from the previous year, successfully transitioning to profitability with a net income of approximately $364.5 million and a net margin of around 47.6%, showcasing strong performance in the bitcoin mining infrastructure sector.
- Risk Analysis: Canaan faces significant risks from rapid technological changes and the cyclical nature of the mining industry, as revenue could decline sharply if competitors develop more efficient chips or if mining demand falls; meanwhile, CleanSpark's reliance on bitcoin prices poses a risk of unprofitability during market downturns.
- Valuation Comparison: Canaan's price-to-sales ratio stands at 0.4x, significantly lower than CleanSpark's 6.3x, indicating relative undervaluation in the market, while CleanSpark's forward P/E ratio of 40.4x reflects market expectations for its future profitability.
See More
Investment Comparison Between Canaan and CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported nearly $529.7 million in revenue, reflecting a 96.7% year-over-year growth, yet it faced a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the competitive semiconductor market.
- CleanSpark Profitability Shift: CleanSpark generated around $766.3 million in revenue for FY 2025, marking a 102.2% increase from the previous year, and successfully transitioned to profitability with a net income of approximately $364.5 million, achieving a net margin of 47.6%, showcasing its strong performance in the bitcoin mining infrastructure sector.
- Market Risk Analysis: Canaan is exposed to rapid technological changes and cyclical industry risks, where the emergence of more efficient chips or a decline in mining demand could severely impact revenues, while CleanSpark's profitability is closely tied to bitcoin prices, with low market prices posing a risk to its operations.
- Investor Choice Consideration: While Canaan offers innovative potential in hardware design, CleanSpark appears more attractive for future growth due to its data center expansion and profitability, prompting investors to weigh the risks and returns of both companies.
See More
Canaan Inc. Joins Bitcoin Conference Discussion
- Home Mining Resurgence: Canaan Inc. participated in the 2026 Bitcoin Conference to discuss the resurgence of home mining, highlighting how its Avalon Nano series lowers barriers for everyday users to engage with the Bitcoin network, thereby enhancing the company's market position in the cryptocurrency sector.
- Product Innovation and Utility: Canaan's home mining devices not only offer high performance but also serve as indoor heating solutions, showcasing the company's innovative capabilities in home hardware and meeting user demand for multifunctional devices, which boosts product competitiveness.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan systematically optimizes its retail channels to provide reliable and user-friendly computing products to a broader audience, promoting a decentralized global user network and increasing market penetration.
- Industry Leadership: As the first company to launch ASIC mining machines in 2013, Canaan's deep expertise and ongoing innovation in cryptocurrency mining technology allow it to maintain a leading position in a competitive market, further solidifying its industry influence.
See More
Canaan Inc. Discusses Home Mining at Bitcoin Conference
- Home Mining Comeback: At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. participated in a roundtable discussing the resurgence of home mining, highlighting the synergy between decentralized computing power and home energy solutions, showcasing the company's leadership in the home mining sector.
- Product Innovation and Market Demand: Canaan's Avalon Nano series lowers the entry barriers for everyday users to participate in the Bitcoin network through its compact and portable design, driving the adoption of home mining equipment and meeting the growing market demand.
- Expert Insights: Dr. Aviral Shukla, founder of Altair Technology, noted during the discussion that Canaan's efficient home miners not only serve mining purposes but also function as excellent heating devices, encouraging users to transition to more efficient mining solutions, thereby enhancing product competitiveness in the market.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan continues to optimize its retail distribution infrastructure, aiming to promote reliable and user-friendly home mining products to a broader range of retailers, thereby strengthening the resilience and decentralization of the global home miner network.
See More
Canaan Releases May 2026 Bitcoin Mining Update
- Bitcoin Production: Canaan reported a total production of 114 BTC in May 2026, comprising 90 BTC from self-mining and 24 BTC from customers, indicating stable operational capacity in the competitive Bitcoin market.
- Crypto Treasury Growth: The company's crypto treasury reached a record high of 1,870 BTC and 3,950 Ethereum by the end of May, reflecting strong performance and effective asset management in the cryptocurrency sector.
- Hashrate and Efficiency Gains: With an installed hashrate of 10.05 EH/s and an operating hashrate of 6.47 EH/s, global mining efficiency improved by 13.5% year-over-year to 23.7 J/TH, showcasing successful cost control and technological optimization efforts.
- Project Expansion and Partnerships: Canaan operates 12 mining projects globally with a total computing power of 14.96 EH/s and has expanded its 8 MW Nordic hash-to-heat project, further strengthening its partnership with Tether, demonstrating strategic positioning in the industry.
See More
Canaan Inc. Bitcoin Mining Update for May 2026
- Efficiency Improvement: Canaan's North American self-mining fleet achieved an average efficiency of 17.9 J/TH, reflecting an approximately 11% year-over-year growth, which signifies a substantial advancement in operational efficiency and strengthens its competitive position in the cryptocurrency market.
- Stable Bitcoin Production: In May, the company mined a total of 90 BTC from self-mining operations, with an additional 24 BTC from customer payments, resulting in a Bitcoin treasury of 1,867 BTC, demonstrating sustained profitability and asset growth potential in the market.
- Global Hashrate Optimization: By the end of May, Canaan's total hashrate reached 10.05 EH/s, with an operating hashrate of 6.47 EH/s, indicating that the company has optimized its hashrate configuration globally, enhancing overall operational efficiency.
- Hash-to-Heat Project Expansion: The company secured an 8 MW order for its hash-to-heat project in the Nordic region, showcasing the commercial potential of its technology beyond traditional mining applications, further solidifying its leadership in the energy-efficient solutions market.
See More
Investment Comparison: Canaan vs CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported revenue of nearly $529.7 million, a 96.7% increase year-over-year, despite a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the rapidly growing semiconductor market.
- CleanSpark Profitability: CleanSpark achieved revenue of about $766.3 million in FY 2025, up 102.2% from the previous year, successfully transitioning to profitability with a net income of approximately $364.5 million and a net margin of around 47.6%, showcasing strong performance in the bitcoin mining infrastructure sector.
- Risk Analysis: Canaan faces significant risks from rapid technological changes and the cyclical nature of the mining industry, as revenue could decline sharply if competitors develop more efficient chips or if mining demand falls; meanwhile, CleanSpark's reliance on bitcoin prices poses a risk of unprofitability during market downturns.
- Valuation Comparison: Canaan's price-to-sales ratio stands at 0.4x, significantly lower than CleanSpark's 6.3x, indicating relative undervaluation in the market, while CleanSpark's forward P/E ratio of 40.4x reflects market expectations for its future profitability.
See More
Investment Comparison Between Canaan and CleanSpark
- Canaan Financial Performance: In FY 2025, Canaan reported nearly $529.7 million in revenue, reflecting a 96.7% year-over-year growth, yet it faced a net loss of approximately $210.3 million, resulting in a negative net margin of 39.7%, indicating a need for improved profitability in the competitive semiconductor market.
- CleanSpark Profitability Shift: CleanSpark generated around $766.3 million in revenue for FY 2025, marking a 102.2% increase from the previous year, and successfully transitioned to profitability with a net income of approximately $364.5 million, achieving a net margin of 47.6%, showcasing its strong performance in the bitcoin mining infrastructure sector.
- Market Risk Analysis: Canaan is exposed to rapid technological changes and cyclical industry risks, where the emergence of more efficient chips or a decline in mining demand could severely impact revenues, while CleanSpark's profitability is closely tied to bitcoin prices, with low market prices posing a risk to its operations.
- Investor Choice Consideration: While Canaan offers innovative potential in hardware design, CleanSpark appears more attractive for future growth due to its data center expansion and profitability, prompting investors to weigh the risks and returns of both companies.
See More
Canaan Inc. Joins Bitcoin Conference Discussion
- Home Mining Resurgence: Canaan Inc. participated in the 2026 Bitcoin Conference to discuss the resurgence of home mining, highlighting how its Avalon Nano series lowers barriers for everyday users to engage with the Bitcoin network, thereby enhancing the company's market position in the cryptocurrency sector.
- Product Innovation and Utility: Canaan's home mining devices not only offer high performance but also serve as indoor heating solutions, showcasing the company's innovative capabilities in home hardware and meeting user demand for multifunctional devices, which boosts product competitiveness.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan systematically optimizes its retail channels to provide reliable and user-friendly computing products to a broader audience, promoting a decentralized global user network and increasing market penetration.
- Industry Leadership: As the first company to launch ASIC mining machines in 2013, Canaan's deep expertise and ongoing innovation in cryptocurrency mining technology allow it to maintain a leading position in a competitive market, further solidifying its industry influence.
See More
Canaan Inc. Discusses Home Mining at Bitcoin Conference
- Home Mining Comeback: At the Bitcoin 2026 conference in Las Vegas, Canaan Inc. participated in a roundtable discussing the resurgence of home mining, highlighting the synergy between decentralized computing power and home energy solutions, showcasing the company's leadership in the home mining sector.
- Product Innovation and Market Demand: Canaan's Avalon Nano series lowers the entry barriers for everyday users to participate in the Bitcoin network through its compact and portable design, driving the adoption of home mining equipment and meeting the growing market demand.
- Expert Insights: Dr. Aviral Shukla, founder of Altair Technology, noted during the discussion that Canaan's efficient home miners not only serve mining purposes but also function as excellent heating devices, encouraging users to transition to more efficient mining solutions, thereby enhancing product competitiveness in the market.
- Retail Channel Expansion: Following positive market validation in early 2025, Canaan continues to optimize its retail distribution infrastructure, aiming to promote reliable and user-friendly home mining products to a broader range of retailers, thereby strengthening the resilience and decentralization of the global home miner network.
See More
