Connect with us

Technology

Canaan Inc. Provides March 2025 Bitcoin Production and Mining Operation Updates

Published

2 years ago

on

SINGAPORE, April 10, 2025 /PRNewswire/ — Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), an innovator in crypto mining, today released its unaudited bitcoin mining update for the month ending March 31, 2025.

Management Commentary

“We continued to execute on our North American expansion plan, and our results demonstrate the successful relationships that we’ve built with our existing partners as well as our ability to find and negotiate favorable partnerships that are helping us to achieve our mining operations’ goals,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “In March, we mined 90 bitcoins, representing an increase of 9.8% compared to February, and we expanded our mining operations in North America, adding 0.32 exahash per second (EH/s) of installed computing power. Additionally, through our recently announced agreements with Mawson and another partner for two projects in Pennsylvania and Texas, we will add another 4.7 EH/s of mining computing power in North America when these projects are fully energized.

Zhang continued, “Meanwhile, we continued to make advancements in our product innovation activities, bringing superior mining efficiency and user experience to our customers. We completed the tape-out process for our next-generation A16 mining machine and, as with previous generations, we will release the new product and provide sample units to our customers only after we finish full system testing so that we can provide the market with real-world data.

“We believe that we have made significant progress on our 2025 goals as we continue to scale our operations and optimize performance across our mining fleet.  With market conditions evolving rapidly, we remain focused on staying nimble—balancing efficiency, innovation, and strategic growth. Our commitment to deploying advanced hardware and securing meaningful partnerships makes us well-positioned to navigate the remainder of the year and to drive long-term shareholder value.”

March 2025 Bitcoin Mining Updates (unaudited)

Key Metrics

Results (Rounded Numbers)

Bitcoins Mined During the Month

90 Bitcoins

Month-End Bitcoins Owned by Canaan Inc. on Balance Sheet1

1,408 Bitcoins

Month-End Deployed Hashrate (EH/s)

6.60 EH/s

Month-End Operating Hashrate (EH/s)

5.97 EH/s

Month-End Average Revenue Split2

58.6 %

Average All-in Power Cost During the Month3

US$0.043/kWh

Notes:

1.       Defined as the total number of bitcoins owned by the Company on its Balance Sheet including any bitcoins receivable, excluding bitcoins that the Company has received as customer deposits.

2.       Defined as the weighted average percentage that Canaan would share from the total revenues generated according to the applicable joint mining arrangements if 100% of the mining machines consisting of Installed Computing Power (as defined below) were energized.

3.       Defined as the weighted average cost of power if 100% of the mining machines consisting of Installed Computing Power were energized.

 

Current Mining Projects (As of March 31, 2025) ：

Regions
in alphabetical order
(A to Z)

Active Mining
Projects
Count

Energized
Computing
Power4

Installed
Computing
Power5

Expected
Computing
Power6

Estimated
Total
Computing
Power7

Global

7

5.97 EH/s

6.60 EH/s

1.51 EH/s

8.11 EH/s

America

2

1.21 EH/s

1.51 EH/s

1.51 EH/s

3.02 EH/s

Canada

1

0.02 EH/s

0.02 EH/s

0 EH/s

0.02 EH/s

Ethiopia

2

4.12 EH/s

4.22 EH/s

0 EH/s

4.22 EH/s

Kazakhstan

1

0.60 EH/s

0.81 EH/s

0 EH/s

0.81 EH/s

Middle East

1

0.03 EH/s

0.04 EH/s

0 EH/s

0.04 EH/s

Notes:

4.       Defined as the amount of computing power that could theoretically be generated if all mining machines that have been energized are currently in operation including mining machines that may be temporarily offline.

5.       Defined as the sum of Energized Computing Power and computing power that has been installed but not yet energized, if any.

6.       Defined as the amount of computing power that has been delivered to the country where each mining project is located in but not yet installed.

7.       Defined as the sum of Installed Computing Power and Expected Computing Power.

 

Summary of Recent Operational Updates: 

Expansion and Updates of Self-Mining Operations:

Entered into a three-year master colocation agreement with Mawson Hosting LLC, an affiliate of Mawson Infrastructure Group Inc., for its facility in Midland, Pennsylvania, and a 24-month equipment hosting agreement with another partner for its facility in Edna, Texas, expected to add approximately 4.7EH/s of North American hashrate to Canaan’s self-mining computing power when these projects are fully energized.

Product Innovation:

Completed the taped-out process for its Avalon A16 series, Canaan’s next generation Bitcoin mining machine.  As with previous generations, Canaan will release real-world data and provide sample units to its customers when it completes its full system testing.

About Canaan Inc.

Established in 2013, Canaan Inc. (NASDAQ: CAN), is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services. Canaan has extensive experience in chip design and streamlined production in the ASIC field. In 2013, Canaan’s founding team shipped to its customers the world’s first batch of mining machines incorporating ASIC technology in bitcoin‘s history under the brand name Avalon. In 2019, Canaan completed its initial public offering on the Nasdaq Global Market. To learn more about Canaan, please visit https://www.canaan.io/.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Canaan Inc.’s strategic and operational plans, contain forward-looking statements. Canaan Inc. may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20-F and 6-K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Canaan Inc.’s beliefs and expectations, such as expectations with regard to mining hash rate deployment, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, the ability of the company to execute against its goals, financial condition and results of operations; the expected growth of the bitcoin industry and the price of bitcoin; the Company’s expectations regarding demand for and market acceptance of its products, especially its bitcoin mining machines; the Company’s expectations regarding maintaining and strengthening its relationships with production partners and customers; the Company’s investment plans and strategies, fluctuations in the Company’s quarterly operating results; competition in its industry; and relevant government policies and regulations relating to the Company and cryptocurrency. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Canaan Inc. does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

Canaan Inc.
Xi Zhang
Email: IR@canaan-creative.com

ICR, LLC.
Robin Yang
Tel: +1 (347) 396-3281
Email: canaan.ir@icrinc.com

 

View original content:https://www.prnewswire.com/news-releases/canaan-inc-provides-march-2025-bitcoin-production-and-mining-operation-updates-302425508.html

SOURCE Canaan Inc.

Related Topics:
Continue Reading

Technology

ScienceOra Demonstrates AI-Assisted Hydrogen-Production Catalyst Design Workflow at Tencent Global Digital Ecosystem Summit

Published

57 minutes ago

on

October 31, 2026

By

The workflow spans literature analysis, candidate design, experimental planning and industrial decision support, extending AI4S into materials research

SHENZHEN, China, Oct. 30, 2026 /PRNewswire/ — Wenge AI demonstrated an AI-assisted hydrogen-production catalyst design workflow supported by ScienceOra at the 2026 Tencent Global Digital Ecosystem Summit. The demonstration showed how AI for Science (AI4S) can connect literature analysis, catalyst candidate design, experimental planning and industrial decision support, helping materials researchers translate scientific evidence into actionable research plans.

ScienceOra is Wenge AI’s intelligent research decision platform, built on the ScienceOne Scientific Foundation Model. For specialist research tasks such as materials development, the platform brings together scientific models, professional literature, research data and tools to support information access, research-plan development and scientific decision-making.

From literature analysis to catalyst candidate design

The demonstration focused on the design of a high-entropy alloy catalyst for the alkaline hydrogen evolution reaction. To address the need for high activity and durability, ScienceOra searched professional literature and drew on published research methods and elemental properties to support the development of candidate designs. It also cross-checked optimization proposals against relevant literature, providing researchers with references that could be reviewed and verified.

Rather than simply generating material formulations, the workflow connects documentary evidence, materials knowledge and specific design objectives to support more targeted analysis of candidate solutions. Researchers remain responsible for assessing scientific validity and determining subsequent research directions.

From experimental planning to industrial decision support

For experimental planning, ScienceOra can assist in developing research protocols around candidate designs, helping researchers organize experimental variables and producing testing standard operating procedures (SOPs) and related reference information for subsequent validation.

For industrial applications, the platform can also support comparative analysis across dimensions such as the feasibility of scaled hydrogen production, performance at industrially relevant current densities, durability, raw-material availability and compatibility with mass-production synthesis processes. It can then assist in establishing decision priorities, screening criteria and process-improvement recommendations.

Candidate designs, experimental plans, process recommendations and references can be consolidated into a structured research report, helping R&D teams assess scientific evidence alongside engineering constraints. AI provides analytical and decision support, while experimental testing and scientific validation remain essential parts of materials research.

Previously disclosed collaboration reports design efficiency and activity improvements

In a previously disclosed industry–research collaboration on hydrogen-production catalyst design, ScienceOra supported literature analysis and research-plan development. The collaboration reported a 38% improvement in catalyst activity and reduced the design stage from several months to 30 minutes. The case illustrates the potential of domain-specific AI to connect scientific literature, research design and engineering requirements.

ScienceOra was recently made available on Tencent WorkBuddy, with an initial offering of more than 30 research expert agents and skills covering literature analysis, research hypotheses, plan design, modeling and simulation, validation analysis and research communication. The conference demonstration further illustrated how ScienceOra can be applied to specialist materials research, as AI4S moves beyond general information processing toward support for research workflows and industrial R&D decision-making.

For more information, visit https://www.scienceone.ai/portal/.

About Wenge AI

Wenge AI (1956.HK) is a provider of artificial intelligence technology and service platform products for enterprises. With self-developed large models as its core, the company helps enterprises build practical intelligent platforms and applications. Founded by a team of AI scientists from the Chinese Academy of Sciences, Wenge AI has deep technological expertise in large models, cognitive intelligence and complex-system modeling, and is committed to advancing AI from technological capabilities to enterprise-level applications.

View original content to download multimedia:https://www.prnewswire.com/news-releases/scienceora-demonstrates-ai-assisted-hydrogen-production-catalyst-design-workflow-at-tencent-global-digital-ecosystem-summit-302925517.html

SOURCE Wenge AI

Continue Reading

Technology

Cake Digital Bank Wins Gold at Qorus-Infosys Finacle Banking Innovation Awards 2026

Published

3 hours ago

on

October 31, 2026

By

ROME, Oct. 31, 2026 /PRNewswire/ — Cake Digital Bank, a digital-only bank from Vietnam, has won Gold at the Qorus-Infosys Finacle Banking Innovation Awards 2026 for its initiative, “Reinventing Financial Experiences Through an AI-First Banking Model.” Cake was the only financial institution from Vietnam recognized at this year’s awards.

The winners were celebrated in Rome, Italy, during Infosys Finacle Conclave 2026. The 13th edition of the awards attracted 538 submissions from 206 financial institutions across 68 countries, with 37 institutions recognized across ten award categories. The selection process combined voting by industry peers with evaluation by an expert jury of 81 senior banking executives.

The award-winning institutions included leading international banking names such as Santander, Commonwealth Bank, DBS, Maybank, and CaixaBank, reflecting the global scope and competitive landscape of the awards.

John Berry, Chairman of Qorus, observed that the banking industry is entering a new era in which AI is becoming integral to innovation, transforming initiatives and expanding the possibilities of financial services.

Building an AI-First Banking Model from the Ground Up

As artificial intelligence becomes increasingly central to banking innovation, financial institutions face a growing challenge: translating technological capabilities into better customer experiences, greater operational efficiency, and sustainable business performance.

Cake’s AI-first approach reflects this industry shift while taking a different starting point. Rather than integrating AI into established banking processes, Cake was built as a digital-only bank from the outset, embedding AI, data, and automation into its technology architecture, operating model, and customer journeys.

This greenfield foundation has enabled Cake to develop an integrated AI-first banking model, where technology supports how the bank makes decisions, manages operations, and delivers financial services at scale.

Supported by its independently developed core banking and card management systems, Cake applies AI across the banking value chain, from customer onboarding, credit assessment, and fraud prevention to risk management, customer service, and personalized financial recommendations.

Beyond operational efficiency, Cake has also invested in localized AI capabilities designed specifically for Vietnamese users, enabling more accessible, responsive, and personalized financial experiences.

Scaling Growth with Efficiency and Sustainable Business Performance

Nearly six years since its launch, Cake has grown to serve more than 8 million customers, demonstrating the scalability of its branchless digital banking model.

Cake achieved positive EBITDA in Q3 2024, just 3.5 years after launch, marking a significant milestone in demonstrating the viability of its digital-only banking model. The bank subsequently recorded 173% year-on-year revenue growth in 2025, followed by a further 121% growth in 2026, reflecting sustained business momentum as it continues to scale. Meanwhile, average revenue per user (ARPU) increased from USD 12 in 2024 to USD 44 in 2026, highlighting Cake’s ability to generate greater value from its growing customer base.

Beyond customer acquisition, Cake’s growth strategy increasingly focuses on deepening customer relationships and expanding the range of financial needs served through its platform and partner ecosystems. This approach reflects the bank’s evolution toward a mature digital banking model, where scale is complemented by stronger customer engagement, operational efficiency, and long-term business sustainability.

Nguyen Huu Quang, CEO of Cake Digital Bank, said:

“Winning Gold at the Qorus-Infosys Finacle Banking Innovation Awards is a meaningful international recognition of Cake’s AI-first banking model. From the beginning, our ambition has been to build a digital bank that combines technological innovation with sustainable business performance, while making financial services simpler, more accessible, and more relevant to customers. This recognition reinforces our commitment to delivering world-class banking experiences for Vietnamese users and continuing to advance our AI-first capabilities.”

The Gold Award marks another milestone in Cake’s development as a next-generation AI-first digital bank. It also demonstrates how a banking model developed and scaled in an emerging market can deliver meaningful customer and business outcomes, contributing practical perspectives to the global conversation on the future of digital banking.

In September 2026, Cake was also named “Vietnam’s Best Digital Bank” by Euromoney under its Group Level Banking Awards, further recognizing the bank’s progress in strategy, technology, and business performance.

About the Qorus-Infosys Finacle Banking Innovation Awards

The Qorus-Infosys Finacle Banking Innovation Awards are jointly organized by Qorus, a global association for retail financial institutions, and Infosys Finacle, a digital banking solutions provider. Now in their 13th edition, the awards recognize innovative initiatives and banking models that deliver meaningful impact across the global financial services industry.

View original content:https://www.prnewswire.com/apac/news-releases/cake-digital-bank-wins-gold-at-qorus-infosys-finacle-banking-innovation-awards-2026-302925502.html

SOURCE Cake Digital Bank

Continue Reading

Technology

KSAT and Morehead State University Partner to Expand Lunar Communications Infrastructure

Published

5 hours ago

on

October 30, 2026

By

Partnership strengthens the KSAT Lunar Network and supports deep space and lunar exploration

DENVER and MOREHEAD, Ky., Oct. 31, 2026 /PRNewswire/ — Kongsberg Satellite Services (KSAT), a leading provider of ground station networks and satellite operations, today announced a strategic partnership with Morehead State University (MSU) to enhance the KSAT Lunar Network, supporting the growing demand for communications and tracking services for deep space and lunar missions.

The partnership leverages MSU Space Science Center’s established deep space communications capabilities, including its 21-meter and 12-meter-class antennas in Morehead, Kentucky, to further increase the KSAT Lunar Network. Together, the partnership enables mission operators to maintain reliable links with spacecraft operating beyond Earth orbit by adding network capacity and resiliency over the Eastern United States.

“Partnering with MSU advances KSAT’s ability to deliver the communications infrastructure required for the accelerated demand for deep space and lunar missions. We are especially thrilled about this partnership as it helps enable science and exploration space missions today, while developing the next-generation workforce to support the long-term development of the U.S. cislunar economy,” said Dan Adams, General Manager of KSAT Inc.

“This partnership reflects our commitment to supporting the future of space exploration through innovation, education, and collaboration,” said Dr. Benjamin K. Malphrus, Executive Director of Space Science Center. “Working with KSAT provides exciting opportunities for our students and researchers while enabling us to contribute directly to the thriving commercial sector.”

KSAT and MSU share a strong commitment and heritage of supporting NASA’s Artemis program, most recently the Artemis II mission, and the broader science and exploration, as well as inspiring the next generation. In addition to expanding KSAT Lunar capabilities, the partnership will create even more opportunities for student involvement and workforce development through KSAT’s internship programs, helping prepare the next generation of engineers and space professionals for careers in the rapidly growing space sector.

About KSAT:

Kongsberg Satellite Services (KSAT) is the leading commercial provider of Ground Station Services, Earth Observation Services, and Satellite Operations Services. Headquartered in Tromsø, Norway, the company operates the largest commercial satellite ground station network worldwide, including facilities in Svalbard and Antarctica to provide unique southern hemisphere coverage. Through KSAT Inc., KSAT’s U.S. based full-capability subsidiary, KSAT delivers mission-critical infrastructure for customers in government, civil, and commercial space in the United States, as well as the global space industry. 

About MSU:
Morehead State University (MSU) is a comprehensive, regional university located in Appalachian Kentucky in the Daniel Boone National Forest. MSU is known for excellence in STEM fields and pre-professional programs. The Space Science Center is MSU’s Program of Distinction and manages a significant research and development portfolio in small satellite systems, having executed 7 smallsat missions to date. The Center operates a 21-meter ground station and a 12-meter tracking antenna that provides lunar tracking services and smaller aperture ground stations for satellite telecommunications support. The Center also supports innovative undergraduate, graduate and a Doctor of Engineering program in Space Systems Engineering.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/ksat-and-morehead-state-university-partner-to-expand-lunar-communications-infrastructure-302925397.html

Continue Reading

Trending