Key Highlights
- May operations generated 90 BTC through proprietary mining, with an additional 24 BTC contributed by client operations
- Digital asset reserves reached unprecedented levels: 1,867 BTC and 3,952 ETH by month’s end
- Worldwide mining performance increased 13.5% annually, achieving 23.7 J/TH efficiency
- Partnership mining locations yielded approximately 45 BTC, despite temporary setbacks from Texas wildfires
- Secured an 8 MW heat-recovery mining agreement in Scandinavia while strengthening Tether collaboration
On June 11, Canaan (CAN) published preliminary operational figures for May 2026, detailing 90 BTC generated through company-owned mining infrastructure alongside 24 BTC acquired through customer arrangements.
CAN stock registered a 0.65% gain during trading.
This production elevated Canaan’s digital currency holdings to an all-time peak of 1,867 BTC and 3,952 ETH as of May 31 — marking the strongest balance sheet position in company history.
The organization concluded May operating 10.05 EH/s of total hashrate capacity with 6.47 EH/s actively deployed. The variance between these figures stems from the conclusion of a scheduled hosting arrangement.
Regarding performance metrics, Canaan’s North American mining operations achieved optimal efficiency at 17.9 J/TH. Across all territories, average efficiency measured 23.7 J/TH — representing a 13.5% enhancement compared to the previous year. Energy expenses remained stable at $0.043 per kilowatt-hour.
The company maintains 49% ownership in several joint venture facilities, including the Alborz, Bear, and Chief Mountain locations throughout West Texas. These collaborative operations contributed approximately 45 BTC throughout May.
Wildfire activity in Texas temporarily impacted the Alborz installation during the reporting period. Company leadership indicated full operational capacity should resume by mid-June.
Thermal Recovery Mining Growth
Canaan secured a competitive contract on May 19 to provide roughly 8 MW of hydro-cooled heat-recovery mining infrastructure to a Scandinavian municipal heating system. This agreement expands upon a prior 2 MW installation currently supplying thermal energy to community residences.
Beyond Scandinavia, Canaan operates 12 distinct mining ventures worldwide, with facilities across North and South America, Ethiopia, Middle Eastern territories, Malaysia, and Canada. Combined hashrate capacity across these deployments totaled 14.96 EH/s at the conclusion of May.
Strategic Tether Collaboration Continues
Canaan broadened its partnership with Tether on April 28 via a supplementary purchase order for advanced hash board components. These modules support next-generation immersion cooling technology being implemented throughout South American mining and computational facilities.
Current Wall Street consensus assigns CAN a Buy rating with a $1.30 price objective.
The firm’s market capitalization currently stands near $232 million.
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