Canaan (NASDAQ: CAN) reported mining 89 bitcoin in November and increasing its bitcoin treasury to 1,730 BTC.
The company also disclosed a deployed hashrate of 9.41 EH/s and an operating hashrate of 8.12 EH/s for the period ending November 30, with a total installed power capacity of 235 MW.
The North American region accounted for 91.2 MW of this capacity, with Canaan’s North America operations achieving an average miner efficiency of 19.5 J/TH last month. Canaan reported an average all-in power cost for the month of $0.043/kWh.
Nangeng Zhang, the chairman and CEO of Canaan, stated, “Navigating a dynamic market environment, we remained focused on efficiency and performance, delivering stable production of 89 BTC, while growing our deployed hashrate to 9.41 EH/s and our operational hashrate to 8.12 EH/s by month-end.”
Canaan expanded its bitcoin treasury with spot purchases as well as its mining production in November. Canaan acquired 100 BTC during price dips last month, bringing its total crypto holdings to 1,730 BTC alongside 3,951 ETH.
Looking ahead, Caanan plans to bring approximately 1 EH/s of additional capacity online by the end of 2025, with Canaan targeting further hashrate energization in the first quarter of 2026.
On the corporate front, Canaan announced a $72 million strategic investment on November 4 from Brevan Howard, Galaxy Digital, and Weiss Asset Management.
This transaction involved an equity placement of over 63.6 million American Depositary Shares at $1.131 per share. Canaan said that it will use proceeds to support infrastructure projects and to strengthen its balance sheet.
The company also provided an update on its share repurchase program initially announced in May 2025. As of Wednesday, Canaan bought back approximately 6.59 million ADSs for a total of $4.9 million. The program allows for repurchases up to $30 million over a six-month period.
In hardware developments, the firm launched the Avalon A16 series ASIC miner in late October.
This series features the A16XP model, which offers 300 TH/s of computing power and energy efficiency of 12.8 J/TH. Canaan is currently shipping the model from production centers in North America and Asia.
