Canaan Inc. mined 44 Bitcoin (BTC) in September, matching August’s total, and reported 1,875 BTC at month-end in an update that also detailed its costs and heat-recovery projects.
Canaan released the monthly figures Oct. 15 and labeled them unaudited. Its reported balance was 7 BTC above the 1,868 BTC listed for August in a production update released Sept. 14. Canaan includes bitcoin receivable in the balance and excludes bitcoin received as customer deposits. It did not explain the change between month-end totals.
At Sept. 30, Canaan reported non-joint-venture installed and operating hashrate of 10.00 exahashes per second (EH/s). Its joint ventures had 4.87 EH/s installed and 4.18 EH/s operating. The company said those figures cover its 49% stake in three West Texas facilities and are excluded from its Bitcoin production and average power-cost calculations. Canaan reported an average all-in power cost of $0.043 per kilowatt-hour in September.
Canaan said its 8 MW Nordic district-heating project was in operation, routing heat from its computing equipment to support heating for about 2,800 homes. The company had described the project as online in a Sept. 24 announcement, but its Oct. 15 update did not say when the full 8 MW installation began operating.
In Canada, Canaan’s September update said site inspections were pending before planned deployment of its greenhouse heat-recovery project. The company’s August production update, released Sept. 14, said equipment delivery was complete and installation work was underway. Canaan did not explain the difference between the two status descriptions.
Separately, Canaan said that by Oct. 15 it had monetized 3,952 Ether (ETH) and 54.5 BTC for about $13.9 million in cash. It said $5.4 million went toward a late-August repurchase of 13.6 million American Depositary Shares (ADSs), with year-to-date repurchases totaling about 16.4 million ADSs. Canaan has described digital-asset sales as a way to fund share repurchases, which the company says are intended to support long-term shareholder value.
