Canaan Mined 44 Bitcoin in September as Its Treasury Climbed to 1,875 BTC

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• Canaan Inc. mined 44 bitcoin in September 2026, bringing its month-end balance-sheet holdings to 1,875 BTC
• The company’s average all-in power cost for mining stood at $0.043 per kilowatt-hour, with non-joint-venture installed hashrate holding steady at 10.00 exahash per second
• As of October 15, 2026, Canaan had monetized 3,952 ETH and 54.5 BTC for roughly $13.9 million under a board-approved buyback program

Canaan Inc., the Nasdaq-listed bitcoin mining hardware maker and miner, disclosed its September 2026 production and operational update on October 15, 2026, reporting that it mined 44 bitcoin during the month even as network mining difficulty continued to rise. That production brought the company’s month-end balance-sheet bitcoin holdings to 1,875 BTC, a figure the company highlighted as evidence that its treasury kept growing despite a more competitive mining environment.

Canaan’s non-joint-venture installed hashrate held steady at 10.00 exahash per second during the month, with the company operating that same 10.00 exahash per second of capacity. A separate joint venture, referred to as JV5, ran an installed hashrate of 4.87 exahash per second while actually operating 4.18 exahash per second of that capacity, with an average revenue split of 60.5 percent on the non-joint-venture side. Combined globally, Canaan’s installed and operating computing power stood at approximately 14.87 and 14.18 exahash per second respectively. The company’s average all-in power cost for the month came in at $0.043 per kilowatt-hour, a figure that remains central to its mining profitability given how large electricity costs typically are relative to total mining expenses.

Beyond mining, Canaan continued actively managing a separate crypto treasury built up alongside its mining operations. As of October 15, 2026, the company disclosed it had monetized a combined 3,952 ETH and 54.5 BTC for total proceeds of approximately $13.9 million, under a buyback program its board first approved on December 12, 2025 and formally announced on August 4, 2026. Canaan used $5.4 million of those proceeds to repurchase 13.6 million American depositary shares in late August 2026 alone, contributing to year-to-date ADS repurchases of approximately 16.4 million shares.

The company also highlighted progress on two heat-reuse projects tied to its mining infrastructure: an 8-megawatt district-heating project in the Nordic region that is now fully operational and supplies heat to roughly 2,800 homes, and a separate greenhouse heat-recovery project in Canada that is moving toward deployment. Projects that capture and repurpose waste heat from bitcoin mining hardware have become an increasingly common way for miners to offset criticism over the energy intensity of the activity while generating an additional revenue stream from otherwise-wasted heat.

Canaan Chairman and Chief Executive Officer Nangeng Zhang said hashprice, a measure of mining profitability per unit of hashrate, extended its recovery from August levels, calling the trend cautiously encouraging even as difficulty rose, and noted that the company’s non-joint-venture installed hashrate remained stable at 10 exahash per second through the month. The update, filed with the SEC, did not provide specific guidance on October production expectations.