Canaan Inc. (NASDAQ: CAN) reported robust growth in its mining operations on January 14. The company saw a 61% year-over-year increase in operating hashrate and an 82% jump in installed hashrate, reaching 9.91 EH/s. In December, it mined 86 BTC, ending 2025 with record holdings of 1,750 BTC and 3,951 ETH.
Global power capacity expanded to over 250 MW across nine projects, and miner efficiency improved to 24.3 J/TH. A $30 million share buyback program was renewed, and a 3 MW heat-recovery initiative launched in Canada. Despite outperforming the Bitcoin network's 34% hashrate growth, Canaan faces financial pressure, with a negative 58% free cash flow yield and its stock down 52% over the past year.
On January 6, Canaan unveiled a 3.0 MW proof-of-concept program with Bitforest Investment Ltd, designed to recover heat from an Avalon Computing system. The companies plan to use the recovered heat as a supplemental source for greenhouse operations.
On December 8, BTIG initiated coverage of Canaan with a Buy rating and a $3 price target. The firm noted Canaan's long history of producing ASIC mining rigs, including the efficient A16 model. Canaan operates a self-mining fleet across eight global data centers with holdings of about 1,600 BTC. The company is focused on expanding self-mining, increasing rig market share, and securing power infrastructure as part of its vertically integrated strategy.