Canaan Incorporated has released its Bitcoin production report for the month of July, revealing that the company successfully mined a total of 89 Bitcoins during this period. By the end of the month, Canaan’s Bitcoin holdings stood at 1,511 coins. The company has fully exited its mining operations in Kazakhstan and terminated its hosting agreement for a 0.96 EH/s mining machine in South Texas. This machine is being transferred to a new partner, with approximately 0.50 EH/s expected to be reactivated in August.
As of the end of July, Canaan had deployed 7.95 EH/s of computing power, of which 6.24 EH/s was operational. The average electricity cost for the company remained at $0.042 per kilowatt-hour. Furthermore, Canaan has formally adopted a long-term Bitcoin holding strategy, signaling its intent to retain mined Bitcoins for an extended period. This approach is viewed as a strategic move to strengthen the company’s financial position while mitigating risks associated with mining volatility.
The withdrawal from Kazakhstan and the relocation of mining equipment in South Texas indicate that Canaan is undertaking significant operational restructuring aimed at optimizing efficiency and control. Coupled with low energy costs and active computing power, these efforts are expected to stabilize Bitcoin production. Overall, Canaan Incorporated’s recent adjustments in its mining operations and holding policies underscore a deliberate shift in its strategic direction, positioning the company to enhance its market standing and long-term sustainability in the cryptocurrency sector.
Source: binance
