Content
Canaan said it mined 86 BTC in February and ended the month with a record crypto treasury of 1,793 BTC and 3,952 ETH.
The miner also reported a sharp step-up in scale: deployed hashrate reached 14.75 EH/s by month-end, driven in part by its expansion in West Texas.
February production and treasury snapshot
Canaan’s February update shows steady production and a slightly higher revenue split for non-JV operations. The company reported: 86 BTC mined, 59.0% average revenue split (non-JV ownership), and $0.044/kWh average all-in power cost.
On its balance sheet, Canaan said it held 1,793 BTC and 3,952 ETH, with an estimated value of $128 million (excluding digital assets held by its joint venture).
Hashrate jumped, with JV capacity disclosed separately
By month-end, Canaan reported 14.75 EH/s of deployed hashrate, broken out as 10.35 EH/s non-JV and 4.4 EH/s JV. Operating hashrate for non-JV operations was 6.90 EH/s; the JV operating metric was listed as not applicable in the table.
The company also reported global energized computing power of 11.30 EH/s, installed computing power of 14.75 EH/s, and expected computing power of 0.32 EH/s (for a total estimated computing power of 15.07 EH/s).
West Texas expansion: 49% stake and 120 MW added
Canaan tied the step-up in scale to a West Texas deal where it acquired a 49% stake in the Alborz, Bear, and Chief Mountain facilities (the “ABC Projects”), totaling about 4.4 EH/s. It said the acquisition added 120 MW of power capacity at average rates “below $0.03/kWh,” on top of its existing 98.4 MW of installed capacity in North America (non-JV).
Canaan also disclosed that the ABC Projects bring demand response and energy arbitrage experience in the ERCOT grid, aligning with its “energy strategy” messaging.
Efficiency and infrastructure metrics
Canaan reported month-end average miner efficiency of 24.0 J/TH (non-JV) and 25.7 J/TH (JV), with non-North America listed at 29.0 J/TH. Installed power capacity was listed as 255.9 MW (non-JV) plus 120 MW (JV) globally.
Why it matters for crypto
- Canaan’s February numbers show miners still prioritizing treasury accumulation, with holdings rising to 1,793 BTC alongside a large ETH balance.
- The jump to 14.75 EH/s deployed signals that growth is being driven by site expansion and power access, not just hardware.
- The West Texas JV structure highlights a common 2026 mining theme: scaling via energy partnerships and capacity acquisitions rather than greenfield builds.
- Power cost and efficiency remain the key survival metrics; Canaan reported $0.044/kWh all-in power cost for the month and 24.0 J/TH non-JV efficiency.
What to watch next
- Whether the higher deployed hashrate translates into a sustained rise in operating hashrate beyond 6.90 EH/s for non-JV operations.
- Updates on how the 4.4 EH/s JV is reported going forward (production attribution and operating metrics).
- Any further disclosures on ERCOT-linked demand response/energy arbitrage and how it impacts realized power pricing.
- Changes in treasury strategy if bitcoin price volatility or network difficulty shifts materially in March.
Source: Canaan Inc. Press Release