Key Highlights
- May self-mining operations yielded 90 BTC, with an additional 24 BTC contributed by customer arrangements
- Digital asset holdings reached unprecedented levels: 1,867 BTC and 3,952 ETH by month’s conclusion
- Year-over-year mining efficiency enhanced by 13.5%, reaching 23.7 J/TH across worldwide operations
- Joint venture locations generated approximately 45 BTC amid operational challenges from Texas wildfire events
- Secured 8 MW Nordic hash-to-heat agreement and strengthened strategic alliance with Tether
On June 11, Canaan (CAN) unveiled its preliminary May 2026 bitcoin mining performance report, disclosing that self-operated mining facilities generated 90 BTC while customer-related activities contributed an additional 24 BTC to the company’s portfolio.
CAN stock experienced a 0.65% uptick during trading.
This monthly production elevated Canaan’s digital currency reserves to historic highsâ1,867 BTC and 3,952 ETH as of May 31, representing the company’s strongest treasury position to date.
The mining operation concluded May with total installed hashrate capacity of 10.05 EH/s, while operational hashrate registered at 6.47 EH/s. This variance between installed and active capacity stems from the conclusion of a scheduled hosting arrangement.
Regarding performance metrics, Canaan’s North American self-mining infrastructure achieved an unprecedented efficiency benchmark of 17.9 J/TH. Across all global operations, average efficiency measured 23.7 J/THârepresenting a 13.5% enhancement compared to the previous year. Mean electricity costs remained stable at $0.043 per kilowatt-hour.
Canaan maintains a 49% ownership position in joint venture mining operations encompassing the Alborz, Bear, and Chief Mountain facilities located throughout West Texas. These collaborative sites generated approximately 45 BTC throughout May.
Wildfire activity impacted the Alborz Texas location during the reporting period. Company leadership indicated the facility should resume complete operations by the middle of June.
Strategic Heat Recovery Initiatives
On May 19, Canaan successfully secured a competitive tender to provide roughly 8 MW of hash-to-heat hydro-cooled mining equipment to a district heating infrastructure in the Nordic region. This contract expands upon a previous 2 MW installation already providing thermal energy to community residents.
Beyond Nordic operations, Canaan manages 12 operational mining initiatives across diverse geographies including the Americas, Ethiopia, Middle Eastern markets, Malaysia, and Canada. Aggregate installed computing capacity throughout these deployments totaled 14.96 EH/s at the end of May.
Strengthened Tether Collaboration
On April 28, Canaan broadened its working relationship with Tether via a supplementary purchase order for high-density hash board modules. These components are engineered for advanced immersion-cooled mining and computational infrastructure currently being installed throughout South American locations.
The most recent Wall Street analysis on CAN stock assigns a Buy rating alongside a $1.30 price objective.
Canaan’s present market capitalization is valued at roughly $232 million.
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