Canaan reports 86 bitcoin mined in February, expands West Texas operations

Canaan Inc. (NASDAQ: CAN) mined 86 bitcoin in February 2026, bringing its total cryptocurrency holdings to 1,793 bitcoin and 3,952 Ethereum with an estimated value of $128 million, according to a company statement.

The bitcoin mining equipment manufacturer's deployed hashrate reached 14.75 exahashes per second by month-end, including approximately 4.4 EH/s from recently acquired West Texas facilities. The company acquired a 49% stake in the Alborz, Bear and Chief Mountain data centers through a transaction with Cipher Mining Inc. (NASDAQ: CIFR).

The acquisition added 120 megawatts of power capacity at rates below $0.03 per kilowatt-hour to Canaan's existing 98.4 MW of installed capacity in North America. The company's average all-in power cost during February was $0.044 per kWh.

Canaan completed the Cipher Mining transaction on February 23, 2026, through a non-cash equity issuance valued at $0.74 per American Depositary Share, with total consideration of approximately $39.75 million. The deal made Cipher a significant shareholder in Canaan and included the purchase of 6,840 Avalon A15Pro mining machines.

The company operates 13 active mining projects globally with 11.30 EH/s of energized computing power and 14.75 EH/s of installed computing power. Projects span locations including the United States, Canada, Ethiopia, the Middle East and Malaysia.

On March 3, 2026, Canaan announced that Chairman and CEO Nangeng Zhang and CFO Jin Cheng purchased 1,456,547 additional ADSs in the open market at an average price of $0.51 per ADS.

The information is based on the company's press release statement.

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