Overview
- Canaan said its May operations produced 90 BTC from self‑mining and it received 24 BTC from customers, with joint‑venture sites contributing roughly 45 BTC.
- The company reported record crypto reserves of 1,867 BTC and 3,952 ETH held on its balance sheet at month‑end.
- Installed computing power totaled about 14.96 EH/s across projects while Canaan closed May with 10.05 EH/s installed and 6.47 EH/s actively running, a gap driven by hosting contract expiries and site outages.
- Management said the Alborz Texas site was disrupted by wildfire in May and is expected to return to full operations by mid‑June, and the firm also improved energy efficiency to a 23.7 J/TH global average and 17.9 J/TH in North America.
- Canaan won roughly 8 MW of hash‑to‑heat work in the Nordic region and extended a Tether order for immersion‑cooled modules, moves that aim to diversify revenue even as earlier quarterly losses and limited cash raise ongoing liquidity and Nasdaq listing risks.