Canaan Inc. faced significant challenges in May 2026 when wildfires impacted operations at its Alborz mining site in West Texas. This disruption resulted in a major pullback of the hashrate at their joint venture with WindHQ. However, by the end of June, the situation had improved considerably.
In its operational update, Canaan announced that the hashrate for the joint venture had rebounded to 4.09 EH/s, nearing the site's maximum capacity of 4.81 EH/s. This recovery was accompanied by a strong production metric, with Canaan self-mining 64 Bitcoin in June. After deducting operational costs and asset disposals, the company added 49 Bitcoin to its treasury, bringing total holdings to an impressive 1,915 Bitcoin and 3,952 Ethereum.
Canaan's North American non-joint venture fleet achieved record efficiency rates, operating at 17.9 J/TH, while the global fleet averaged 23.7 J/TH. Additionally, the all-in power cost remained competitive at $0.043 per kWh. The company’s non-joint venture operating hashrate stood at 3.36 EH/s.
In another significant move, Chairman and CEO Nangeng Zhang and CFO Jin Cheng acquired 1.065 million shares on June 24, 2026, signaling confidence in the company’s strategy. Canaan also made a key transition to the Nasdaq Capital Market during this period, signaling growth and a commitment to increased market visibility.