Canaan Reports Steady Execution in August Mining Update

Canaan Inc., a leading bitcoin mining hardware manufacturer, has released its unaudited August mining update. According to Nangeng Zhang, chairman and chief executive officer of Canaan, 'August was a month of steady execution and active capital allocation for the Company.'

The company mined 44 BTC during the month and maintained its non-JV installed hashrate at 10.05 EH/s, supported by competitive all-in power costs. Its joint venture installed hashrate continued to advance, reaching 4.92 EH/s at month-end.

Canaan also utilized a portion of its digital asset treasury to repurchase approximately 13.6 million American Depositary Shares, bringing total repurchased ADSs to around 16.4 million since the beginning of the year. At month-end, the company holds 1,868 BTC and remains committed to its strategic digital asset treasury.

Zhang continued, 'Our ability to produce bitcoin at a competitive cost provides a source of capital generated through our own operations, giving us flexibility in allocating capital toward long-term per-share value.'