Canaan (NASDAQ:CAN) closed 2025 with a significant expansion of its self-mining operations, reporting on Wednesday that its deployed hashrate surged 82% year-over-year to 9.91 exahashes per second (EH/s).
The growth rate for the Singapore-based mining hardware pioneer significantly outpaced the broader Bitcoin network’s hashrate increase of approximately 34% over the same period.
The company’s December 2025 update revealed an operating hashrate of 7.65 EH/s, a 61% annual increase, resulting in the production of 86 BTC for the month.
Despite fluctuations in mining difficulty, Canaan continued to strengthen its "HODL" strategy, ending the year with a record cryptocurrency treasury of 1,750 BTC and 3,951 ETH.
Canaan’s operational results reflect a transition toward more efficient, next-generation hardware.
The company reported an average global miner efficiency of 24.3 J/TH, aided by the deployment of its latest Avalon A16 and A15 series machines.
This efficiency, combined with an average all-in power cost of $0.043/kWh, has allowed the firm to maintain profitability even as global "hashprice"—the revenue earned per unit of computing power—faced downward pressure.
Reflecting confidence in its long-term valuation, Canaan’s board officially renewed its $30 million share buyback program on December 12, 2025.
The company had previously repurchased approximately 6.6 million American Depositary Shares (ADSs) under its prior program.
Management noted that the current market valuation does not fully capture the progress made in its self-mining pivot, as the company increasingly balances its role as a hardware manufacturer with that of a large-scale digital asset miner.
The company also highlighted its recent $72 million institutional investment from firms including Galaxy Digital and Brevan Howard, which bolstered its balance sheet heading into 2026.
With nearly 1 EH/s of additional capacity expected to be energized in early Q1, Canaan is positioning itself to be a dominant force in the post-halving mining era.