Canaan grows treasury to 1,730 BTC in November

Core Insights - Canaan reported mining 89 bitcoin in November, increasing its total bitcoin treasury to 1,730 BTC [1][3] - The company achieved a deployed hashrate of 9.41 EH/s and an operating hashrate of 8.12 EH/s by the end of November, with a total installed power capacity of 235 MW [1][2] - Canaan plans to add approximately 1 EH/s of additional capacity by the end of 2025 and aims for further hashrate energization in Q1 2026 [4] Financial Developments - Canaan secured a $72 million strategic investment from Brevan Howard, Galaxy Digital, and Weiss Asset Management through an equity placement of over 63.6 million American Depositary Shares at $1.131 per share [4][5] - The proceeds from the investment will be used to support infrastructure projects and strengthen the company's balance sheet [5] - Canaan's share repurchase program, initially announced in May 2025, has seen the company buy back approximately 6.59 million ADSs for a total of $4.9 million, with a program limit of $30 million over six months [5] Operational Efficiency - In North America, Canaan's operations accounted for 91.2 MW of the total capacity, achieving an average miner efficiency of 19.5 J/TH in November [2] - The average all-in power cost for Canaan in November was reported at $0.043 per kWh [2] Hardware Developments - Canaan launched the Avalon A16 series ASIC miner in late October, featuring the A16XP model with 300 TH/s of computing power and energy efficiency of 12.8 J/TH [6] - The A16XP model is currently being shipped from production centers in North America and Asia [6]