Canaan, a Nasdaq-listed Bitcoin miner and ASIC manufacturer, has set a new company record for fleet efficiency in North America, reaching 17.9 joules per terahash (J/TH) in May 2026. This marks an 11% improvement compared to the same period last year and a 4% gain from the 18.7 J/TH reported in March and April. However, the achievement is tempered by the fact that approximately 36% of its installed mining capacity remained idle at the end of May, with the company reporting an installed hashrate of 10.05 EH/s but an effective operating hashrate of only 6.47 EH/s. The gap was attributed to the expiration of a hosting agreement.
Globally, Canaan’s mining fleet achieved an average efficiency of 23.7 J/TH during May, a 13.5% year-over-year improvement. The company mined 90 Bitcoin in May and received an additional 24 BTC from customers, boosting its digital asset holdings to approximately 1,867 BTC and 3,952 ETH—the largest treasury balance it has disclosed to date. Canaan’s chairman and CEO, Nangeng Zhang, described the May results as evidence of the company’s resilience despite challenging market conditions, including Bitcoin price volatility, compressed hashprice, elevated energy costs, and weather-related disruptions in North America.
The efficiency gains come on the heels of a weak first-quarter financial performance. In Q1 2026, Canaan reported revenue of $62.7 million, down sharply from $196.3 million in the previous quarter, and posted a net loss of $88.7 million, which included a $25 million inventory write-down. For Q2, the company guided for revenue between $35 million and $45 million, significantly below analyst expectations of around $96 million. Additionally, Canaan faces a Nasdaq delisting risk after its share price remained below the $1 minimum bid requirement, with a compliance deadline of July 13, 2026.
Despite these challenges, Canaan continues to expand its capacity through acquisitions and partnerships. A recent transaction with Cipher Mining added a 49% stake in several West Texas projects, contributing approximately 4.4 EH/s of hashrate capacity and 120 megawatts of power capacity to its development pipeline. Zhang also highlighted the company’s broader infrastructure platform, noting that Canaan is well-positioned to capitalize on growing demand for AI and computing infrastructure, leveraging its strengths in hardware innovation and energy-efficient systems.