Canaan reports record efficiency gain and order book additions in May mining update

Canaan (NASDAQ:CAN) announced its unaudited operational updates for May 2026, highlighting significant advancements in energy efficiency and geographic infrastructure expansions.

The hardware manufacturer and digital asset miner achieved record operational optimization metrics across its international fleet while expanding its business pipeline via localized green energy projects and structural computing partnerships.

During the month, Canaan generated 90 Bitcoin (BTC) from its direct self-mining operations and received an additional 24 BTC from customer payments.

The company concluded May with a digital asset treasury holding 1,867 BTC and 3,952 Ethereum (ETH).

Following the expiration of a planned hosting agreement, Canaan adjusted its footprint to lock in a non-joint venture installed hashrate of 10.05 exahashes per second (EH/s), with 6.47 EH/s actively operating.

The update highlighted clear gains in hardware efficiency metrics.

The company's North American self-mining fleet achieved a record efficiency of 17.9 joules per terahash (J/TH), marking an 11% improvement year-over-year.

Globally, Canaan recorded an average operating efficiency of 23.7 J/TH, up 13.5% from the same period last year, alongside a stable average all-in power cost of $0.043 per kilowatt-hour.

Infrastructure joint ventures added roughly 45 BTC to the month's total yield despite local environmental challenges.

Production was sustained despite temporary wildfire-related disruptions at the Alborz operational facility; ongoing restoration protocols are expected to bring the site back to peak capacity by mid-June.

Furthermore, the company expanded its commercial infrastructure footprint by securing an 8-megawatt (MW) hash-to-heat contract with a Nordic district heating network and finalizing a follow-on hash board module production order with Tether for localized deployment across South America.