Key Highlights
- The company extracted 90 BTC through proprietary mining operations in May, supplemented by 24 BTC from client arrangements
- Digital asset reserves reached unprecedented levels: 1,867 BTC and 3,952 ETH by month’s conclusion
- Worldwide mining performance metrics improved by 13.5% compared to the previous year, achieving 23.7 J/TH
- Collaborative venture locations generated approximately 45 BTC, though the Alborz Texas facility faced wildfire-related challenges
- The firm secured an 8 MW hash-to-heat agreement in Nordic territories and broadened its strategic alliance with Tether
Canaan (CAN) published its preliminary May 2026 bitcoin mining performance report on June 11, documenting 90 BTC generated through internal mining infrastructure alongside an additional 24 BTC obtained through customer agreements.
CAN stock climbed 0.65% during trading.
The aggregate production elevated Canaan’s digital currency holdings to an unprecedented 1,867 BTC and 3,952 ETH as May concluded — representing the company’s highest reported reserves to date.
The organization finished May with 10.05 EH/s of deployed hashrate capacity and 6.47 EH/s of active hashrate. The differential between installed and operational capacity stems from the conclusion of a scheduled hosting arrangement.
Regarding performance optimization, Canaan’s North American proprietary mining operations achieved a benchmark 17.9 J/TH. The worldwide average efficiency registered at 23.7 J/TH — marking a 13.5% enhancement year-over-year. Mean electricity expenses remained stable at $0.043 per kWh.
Canaan’s collaborative venture portfolio, where the company maintains a 49% ownership position, encompasses facilities including Alborz, Bear, and Chief Mountain throughout West Texas. These installations produced approximately 45 BTC throughout May.
The Alborz installation in Texas experienced wildfire-induced operational interruptions during the reporting period. Company leadership indicated the location should resume complete functionality by mid-June.
Hash-to-Heat Growth Strategy
On May 19, Canaan secured a competitive procurement process to provide approximately 8 MW of hash-to-heat hydro-cooled infrastructure to a Nordic district heating system. This agreement expands upon a prior 2 MW installation currently supplying thermal energy to community residents.
Beyond the Nordic initiative, Canaan operates 12 functioning mining facilities worldwide, including locations across the Americas, Ethiopia, the Middle East, Malaysia, and Canada. Combined installed computational capacity across these operations measured 14.96 EH/s as of May 31.
Tether Collaboration Strengthened
On April 28, Canaan expanded its strategic relationship with Tether via a supplementary purchase order for high-density hash board components. These modules are engineered for next-generation immersion-cooled mining and computational infrastructure being implemented throughout South America.
The most recent analyst evaluation of CAN maintains a Buy rating with a $1.30 price objective.
The corporation’s present market capitalization totals approximately $232 million.
