Canaan Mines 86 BTC In February, Expands West Texas Energy Strategy And North American Mining Capacity
Doubles down on energy strategy with West Texas joint venture
SINGAPORE, March 10, 2026 /PRNewswire/ -- Canaan Inc. (NASDAQ:CAN) ("Canaan" or the "Company"), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending February 28, 2026.
Management Commentary
"Our continued strategic execution highlights the importance of integrating energy resources into our strategy as we strengthen our focus on expanding our US footprint and continuing our long-standing track record of operational excellence," said Nangeng Zhang, chairman and chief executive officer of Canaan. "In February, we produced 86 BTC, bringing our total cryptocurrency holdings to a record-high treasury of 1,793 BTC and 3,952 ETH, with an estimated value of US$128 million, excluding the digital assets held by our joint venture. As we maintain a long-term perspective on building and managing our digital asset treasury, these reserves further reinforce the strength and resilience of our balance sheet."
Zhang continued, "Our mining fleet also continued to expand. By month end, our deployed hashrate reached 14.75 EH/s, including approximately 4.4EH/s at Alborz, Bear and Chief Mountain data centers, which we have acquired a 49% stake in a groundbreaking transaction that brought Cipher on board as a significant shareholder. With that acquisition, we further expanded our North American footprint and strengthened Canaan's energy strategy, adding 120 MW of power capacity at highly competitive average rates of below US$0.03/kWh to our existing 98.4 MW of installed capacity in North America.
"With our recent expansion in West Texas, we are advancing Canaan's broader energy strategy, deepening our integration with high-quality power resources, scaling in strategically advantaged markets, and expanding the growth potential of our mining business. As our infrastructure footprint expands, our disciplined power procurement strategy, growing operational scale, and continued efficiency improvements position us to navigate market volatility with resilience, strengthening our role as a leader in energy-integrated digital infrastructure."
February 2026 Bitcoin Mining Updates (unaudited)
| Key Metrics | Results (Rounded Numbers) |
| Bitcoins Mined During the Month | 86 BTC |
| Month-End Bitcoins and ETH Owned by Canaan Inc. on Balance Sheet[1] |
1,793 BTC 3,952 ETH |
| Month-End Deployed Hashrate (EH/s) | Non-JV: 10.35 EH/s JV[4]: 4.4 EH/s |
| Month-End Operating Hashrate (EH/s) | Non-JV: 6.90 EH/s JV[4]: N/A |
| Month-End Average Revenue Split[2] | 59.0% (Non-JV ownership) |
| Average All-in Power Cost During the Month[3] | US$0.044/kWh |
February 2026 Bitcoin Mining Infrastructure Updates (unaudited)
| North America | Non-North America | Global | |
| Month-End Average Miner Efficiency |
Non-JV: 19.2 J/TH JV[4]: 25.7 J/TH |
29.0 J/TH | Non-JV: 24.0 J/TH JV[4]: 25.7 J/TH |
| Month-End Installed Power Capacity |
Non-JV: 98.4 MW JV[4]: 120 MW |
157.5 MW | Non-JV: 255.9 MW JV[4]: 120 MW |