Canaan Inc. (NASDAQ: CAN), a leading innovator in cryptocurrency mining technology, announced its February 2025 bitcoin production and preliminary fourth-quarter financial results. Despite a shorter month, the company reported gains in operational efficiency, bolstered by recent upgrades to its mining facilities and the introduction of a new consumer-friendly mining device.

Steady Growth in Bitcoin Mining Operations

Canaan produced 82 bitcoins in February, bringing its total bitcoin holdings to 1,355. The company’s deployed hashrate increased from 5.53 exahashes per second (EH/s) in January to 5.73 EH/s, with a total installed computing power of 6.28 EH/s across its global mining operations.

“Following the successful upgrade of our mining rigs at Stronghold’s Panther Creek facility, we’ve continued ramping up operations,” said Nangeng Zhang, Chairman and CEO of Canaan. “Our collaboration with Luna Squares is progressing as planned, with additional deployments expected in March.”

The company’s revenue split—its share of total mining revenue under joint ventures—improved from 57.3% in January to 59.0% in February, while maintaining an industry-leading power cost of $0.04 per kilowatt-hour.

Expansion and Product Innovation

Canaan continues to expand its mining footprint, with active projects spanning North America, Africa, Central Asia, and the Middle East. Ethiopia remains the largest contributor, with 4.07 EH/s of operational computing power, followed by the United States at 1.01 EH/s and Kazakhstan at 0.60 EH/s.

Beyond mining, the company launched the Avalon Q in February—a compact, quiet, and app-controlled home mining machine delivering 90 terahashes per second (TH/s). It is the first professional-grade Bitcoin miner designed for standard 110V home power supply, positioning Canaan to reach a broader consumer base.

Preliminary Fourth Quarter Results

Canaan expects Q4 2024 revenue of approximately $89 million, surpassing its previous guidance of $80 million. The company anticipates a narrowed gross loss between $10 million and $6 million, citing improved market demand and cost optimizations.

“We are pleased with the progress we’ve made in mining, product innovation, and financial recovery,” Zhang said. “Our year-end audit process is ongoing, but these preliminary results reflect the positive trajectory of our business.”

Looking Ahead

Canaan remains focused on expanding its mining operations while refining its product offerings. The company’s strategy centers on enhancing efficiency, diversifying revenue streams, and making bitcoin mining more accessible to a global audience.

As cryptocurrency markets navigate shifting regulatory landscapes and halving events, Canaan’s continued investment in infrastructure and consumer mining solutions positions it as a key player in the evolving digital asset ecosystem.