Canaan(CAN) Prnewswire·2025-04-10 10:00Core Viewpoint - Canaan Inc. has reported a successful month in March 2025 for its bitcoin mining operations, highlighting an increase in bitcoin production and expansion of mining capacity in North America, alongside advancements in product innovation [2][4]. Mining Operations Update - In March 2025, Canaan mined 90 bitcoins, marking a 9.8% increase compared to February [2]. - The company expanded its mining operations in North America, adding 0.32 exahash per second (EH/s) of installed computing power [2]. - Canaan's total bitcoins owned on its balance sheet at the end of March was 1,408 bitcoins [5]. - The month-end deployed hashrate was 6.60 EH/s, while the operating hashrate was 5.97 EH/s [5]. Financial Metrics - The average revenue split for the month was 58.6% [5]. - The average all-in power cost during March was US$0.043 per kWh [5]. Current Mining Projects - Canaan has a total of 7 active mining projects globally, with 5.97 EH/s of energized computing power and an expected total of 8.11 EH/s [8]. - In North America, there are 2 active projects contributing 1.21 EH/s of computing power [8]. - The company has entered into agreements to add approximately 4.7 EH/s of North American hashrate through partnerships in Pennsylvania and Texas [11]. Product Innovation - Canaan has completed the tape-out process for its next-generation Avalon A16 mining machine, with plans to release the product after full system testing [3][12]. - The company emphasizes the importance of providing real-world data and sample units to customers post-testing [3]. Strategic Focus - Canaan is committed to scaling operations and optimizing performance across its mining fleet while balancing efficiency, innovation, and strategic growth [4]. - The company aims to navigate evolving market conditions by deploying advanced hardware and securing meaningful partnerships [4].