Canaan

What Canaan does

Canaan Inc. is a Singapore-domiciled, NASDAQ-listed (ticker: CAN) cryptocurrency mining technology company founded in 2013 that designs and manufactures Application-Specific Integrated Circuit (ASIC) chips and Bitcoin mining hardware under the Avalon product line. The hardware portfolio spans professional-grade rigs (Avalon A15 Pro, hydro-cooled Avalon A1566HA) and consumer/home devices (Avalon Nano series, Avalon Mini 3 with integrated home heating, silent-operation Avalon Q), supplemented by custom high-density mining hash board modules for next-generation immersion-cooled systems. The company also develops AI and high-performance computing chips drawing on its ASIC manufacturing expertise.

Canaan operates a vertically integrated business combining hardware manufacturing with self-mining operations (approximately 11 EH/s installed hashrate across 13 active mining projects in five countries) and energy-integrated compute infrastructure deployments. Notable energy-reuse projects include an 8 MW Nordic district heating deployment serving approximately 2,800 homes, a 4.5 MW Japan grid-balancing installation, a 2.5 MW Canada gas-to-compute pilot with Aurora AZ Energy, and Project Dorothy, a 20 MW wind-powered mining facility in Texas with Soluna Holdings. The company also holds a cryptocurrency treasury of 1,826 BTC and 3,952 ETH as of April 2026.

Revenue is generated through three streams: enterprise hardware sales (a single North American institutional order of 50,000+ A15 Pro units drove Q4 2025 revenue of $196.3M), self-mining income (90 BTC mined in April 2026), and infrastructure/energy-integrated solution contracts. FY2025 revenue was $529.7M (96.7% YoY growth), but Q1 2026 dropped to $62.7M, accompanied by $88.7M in net losses and a NASDAQ delisting warning as the stock trades below $1.00. Go-to-market combines enterprise field sales for institutional miners with the Avalon Home retail distribution network for consumer products, supported by industry event participation and investor relations activity.

Name

Canaan

Legal name

Canaan Inc.

Website

https://canaanct.com.my

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Canaan Inc. is a Singapore-based, NASDAQ-listed ASIC chip designer and Bitcoin mining hardware manufacturer producing the Avalon product line of enterprise and home miners while operating self-mining facilities and energy-integrated compute infrastructure across five countries.

Ownership category

akta.pro rank

Product category

Bitcoin Mining Hardware

NAICS

Mining Machinery and Equipment Manufacturing (333131), Computer and Peripheral Equipment Manufacturing (33411)

SIC

Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

Mining Hardware (ASIC/GPU) Manufacturing & Distribution (FSADAOAD)

akta.pro secondary industries

Mining Infrastructure & Energy Procurement (Power, Cooling, Grid Services) (FSADAOAG), Mining Hosting, Colocation & Managed Facilities (FSADAOAE)

Keywords

• ASIC mining hardware
• Bitcoin mining
• Crypto mining chips
• Hash-to-heat computing
• Energy-integrated infrastructure

Headquarters

HQ city

Kuala Lumpur

HQ country

Malaysia

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Infrastructure, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Mining Hardware Sales: Sale of Bitcoin mining ASIC hardware and systems including the Avalon A15 Pro, Avalon A1566HA, Avalon Nano series, and custom hash board modules to enterprise and retail customers globally. Driven by large-scale orders from North American institutional miners and follow-on orders from strategic customers like Tether.
2. Bitcoin Self-Mining Operations: Company-operated Bitcoin mining through joint ventures and wholly-owned mining facilities. The company expanded to approximately 11 EH/s of installed mining computing power across ten joint-mining projects and 13 active mining projects across 5 countries. Revenue from mining activities is subject to Bitcoin price volatility and hashrate competition.
3. Cryptocurrency Treasury Holdings: Accumulation of Bitcoin and Ethereum through mining operations. As of April 2026, the company held a record 1,826 BTC and 3,952 ETH. Revenue recognition and profitability are impacted by cryptocurrency price fluctuations and inventory write-downs.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Canaan Inc. designs, manufactures, and sells ASIC-based Bitcoin mining hardware under the Avalon brand, including the A15 Pro for institutional miners and the A1566HA hydro-cooled units for energy-integrated deployments. The company operates self-mining facilities globally with approximately 11 EH/s installed hashrate, and deploys energy-integrated compute infrastructure solutions including hash-to-heat for district heating, AI-driven grid balancing, and gas-to-compute pilots. It also operates the Avalon Home retail brand for consumer/home mining devices that double as home heaters.

Product overview

Canaan Inc. is a cryptocurrency mining technology company and ASIC chip manufacturer offering a comprehensive portfolio of Bitcoin mining hardware and energy-integrated compute solutions. The product lineup includes professional-grade mining ASICs (Avalon A1566HA hydro-cooled units, Avalon A15 Pro rigs), home mining products (Avalon Nano series, Avalon Mini 3 with heating functions, Avalon Q silent model), and modular hash board components for immersion-cooled systems. The company also provides energy-integrated infrastructure solutions including hash-to-heat deployments for district heating networks and gas-to-compute pilot projects. Canaan operates mining facilities and holds cryptocurrency treasury positions while expanding into AI and high-performance computing applications with its proprietary ASIC technology.

Differentiator

Problem solved

Functional benefit

Brands

• Avalon Nano: Home mining product lineup including Avalon Nano 3S
• Avalon Mini 3
• Avalon Q
• Avalon Home
• Avalon A1566HA
• Avalon A15 Pro

Products and services

• Avalon A15 Pro Professional-grade ASIC Bitcoin mining rig designed for large-scale institutional mining facilities, featuring high hashrate and optimized energy efficiency for industrial deployments.
• Avalon A1566HA Hydro-cooled ASIC Bitcoin mining unit producing approximately 80°C thermal output suitable for district heating integration and energy-reuse applications in utilities and district heating operators' facilities.
• Avalon Nano Series Compact consumer ASIC Bitcoin mining hardware line (including Nano 3S) designed for home users, sold through the Avalon Home retail distribution network for residential plug-and-play operation.
• Avalon Mini 3

Quantifiable outcome

• Hash-to-heat deployment provides 8 MW of heating capacity for approximately 2,800 Nordic homes
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature6 records

Partnerships

Five partnerships are on record, tiered core, minor and major.

• TethercoreStrategic or Co-development Partner · 1 April 2026Canaan secured a follow-on order from Tether for custom high-density mining hash board modules for next-generation immersion-cooled systems to be deployed at a Tether-affiliated facility in South America. The partnership, involving Tether and ACME Swisstech, develops modular bitcoin mining infrastructure separating compute from power and enclosure for immersion cooling to reduce energy overhead and improve efficiency. This extends Tether's earlier open-source Mining OS work as part of its strategy to design and control digital asset operations infrastructure.
• Cipher MiningcoreStrategic or Co-development Partner · 24 February 2026Canaan acquired Cipher Mining's 49% equity interest in three West Texas joint venture entities (Alborz LLC, Bear LLC, and Chief Mountain LLC — collectively 'ABC Projects') for approximately $39.75 million via share issuance of 806.4 million Class A ordinary shares. The three operational facilities have 120 MW power capacity and ~4.4 EH/s hashrate at power costs below $0.03/kWh. The deal made Cipher a major Canaan shareholder. Canaan also repurchased 6,840 Avalon A15Pro mining rigs from Cipher's Black Pearl facility, which is being converted to an AI/HPC data center.
• SynVista EnergyminorStrategic or Co-development Partner · 2 December 2025Canaan partnered with SynVista Energy to develop a renewable-energy adaptive Bitcoin mining platform utilizing AI for load balancing and grid stability. The initiative aims to increase the use of renewable energy in Bitcoin mining and tokenize renewable generation outputs and carbon savings.
• Soluna HoldingsmajorStrategic or Co-development Partner · 17 November 2025Canaan partnered with Soluna Holdings to launch Project Dorothy, a 20-MW wind-powered bitcoin mining facility in West Texas expected to begin operations in early 2026 with a goal of delivering roughly 1 EH/s of computing power. The facility operates on a 'behind-the-meter' model, capturing excess wind energy directly from a Soluna wind farm to power Canaan hardware while maintaining a supplemental grid connection. The initiative addresses criticism of crypto mining's energy consumption by harnessing surplus renewable energy.
• Aurora AZ Energy Ltd.minorStrategic or Co-development Partner · 13 October 2025Canaan launched a gas-to-compute pilot project with Calgary-based Aurora AZ Energy in Alberta, Canada, converting flared natural gas into approximately 2.5 MW of power for high-density Bitcoin mining computing at wellhead locations. The deployment includes over $2 million of Avalon A15 Pro miners with a 90% uptime guarantee, expected to eliminate 12,000–14,000 metric tons of CO₂-equivalent emissions annually.

Scale indicators13 records

Recent moves8 records

Expansion highlights7 records

Broad incumbents

• Riot Platforms: Riot Platforms operates large-scale Bitcoin mining facilities in Texas and is a direct comparable for both self-mining economics and the institutional mining-customer segment that drove Canaan's Q4 2025 record revenue.
• Hut 8: Hut 8 operates Bitcoin mining infrastructure with a growing managed-services and HPC compute business, comparable to Canaan's diversification from hardware sales into energy-integrated compute infrastructure and self-mining operations.
• MARA Holdings (formerly Marathon Digital): MARA is one of the largest publicly traded Bitcoin mining operators in North America and a direct customer-comparable for Canaan's enterprise mining hardware, with significant Bitcoin treasury holdings analogous to Canaan's crypto-balance-sheet exposure.

Direct peers

• MicroBT: MicroBT manufactures the Whatsminer line of ASIC mining rigs and competes directly with Canaan in the same Bitcoin mining hardware category, serving the same institutional and mid-tier mining customer base globally.
• Bitmain: Bitmain is the world's largest Bitcoin ASIC miner manufacturer (Antminer series) and one of only three companies — alongside Canaan and MicroBT — controlling over 95% of global ASIC manufacturing. It is Canaan's most direct head-to-head competitor in mining hardware.
• Soluna Holdings: Soluna is Canaan's Project Dorothy partner and a developer of behind-the-meter renewable-powered computing facilities — directly comparable as a co-developer of wind-powered Bitcoin mining infrastructure serving shared customers.
• Cipher Mining: Cipher Mining operates large-scale Bitcoin mining facilities in the U.S. and recently divested its 49% ABC Projects stake to Canaan in exchange for 806.4M shares, making it both a mining-operations peer and a strategic shareholder with deeply overlapping technology and infrastructure interests.

Emerging players

• Bitfarms: Bitfarms operates vertically integrated Bitcoin mining facilities in the Americas with a comparable focus on power-cost optimization and operational efficiency, mirroring Canaan's ABC Projects low-cost-power thesis.
• CleanSpark: CleanSpark is a U.S.-focused Bitcoin mining operator emphasizing energy efficiency and grid-flexible operations, comparable to Canaan's energy-integrated compute and efficiency-improvement narrative (Canaan's fleet moved from 27.4 to 23.6 J/TH).
• IREN (Iris Energy): IREN operates 100% renewable-energy-powered Bitcoin mining and is pivoting toward AI/HPC compute — directly comparable to Canaan's hash-to-heat, wind-powered mining, and ASIC-to-AI positioning narrative.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/canaanct
• LinkedInlinkedin.com/company/canaanct

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Canaan