April marked a constructive reset for Canaan. While compressed margins challenged the industry, periods like this one ultimately reinforce the foundation for sustainable, long-term growth,” said Nangeng Zhang, chairman and chief executive officer of Canaan. “While it remains early, we believe that conditions are steadily becoming more favorable for disciplined and efficient operators like us. During April, we delivered 90 BTC from our self-mining operations and received an additional 3 BTC from customer payments. After accounting for operating costs, our cryptocurrency holdings reached a record 1,826 BTC and 3,952 ETH by the month-end. In addition, our joint venture operations produced approximately 48 BTC during the month, reflecting the growing scale of our broader operating platform.”
Zhang continued, “We maintained strong self-operating performance in April, with month-end installed hashrate and month-end operating hashrate reaching 10.97 EH/s and 6.86 EH/s, respectively, up 34.6% and 10.6% year-over-year. Since April 2025, we have improved global fleet efficiency from 27.4 J/TH to 23.6 J/TH, and expanded from 9 to 13 active mining projects across 5 countries through self-mining operations and joint ventures. We also continued advancing our North American joint venture operations, which reached approximately 4.82 EH/s of installed hashrate, 4.35 EH/s of operating hashrate, and 120 MW of installed power capacity to our broader operating platform, with an average fleet efficiency of 25.69 J/TH.
As our joint venture operations continue coming online, Canaan will continue to work to further strengthen its broader energy and compute infrastructure platform. Looking ahead, we remain focused on disciplined execution and thoughtful expansion as we build sustainable shareholder value over time.
Extended Collaboration with Tether on New Form Factors for Mining and Compute Systems
On April 28, 2026, the Company announced that it had secured a follow-on order from Tether for high-density mining hash board modules, custom-developed to support next-generation immersion-cooled mining and computing systems. The agreement follows a successful 2025 proof-of-concept (POC) R&D project conducted in partnership with Tether and ACME Swisstech, a Swiss-based R&D firm specializing in innovative mining system solutions. This follow-on order is slated for deployment at a Tether-affiliated mining facility in South America. The collaboration reflects a broader trend toward partner-driven, modular mining architectures, where infrastructure operators design optimized systems around high-performance compute building blocks—combining Canaan’s ASIC expertise with Tether’s drive for optimized, independently cooled operations.
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