Canaan Bitcoin Treasury Hits 1,875 BTC As Ethiopia Mining Pauses

Almost half of Canaan's own mining hashrate sits at a paused site, and the company says so in a footnote. The bitcoin miner's September update, filed with the SEC on October 15, 2026, shows 44 BTC mined and a Canaan bitcoin treasury of 1,875 BTC. A later table in the same release shows where the rest of the hashrate stands.

The key metrics table in Canaan's September 2026 mining update. Source: SEC EDGAR.

Canaan's September bitcoin numbers

Canaan mined 44 BTC in September, the same as August and two fewer than July. Its non-JV installed hashrate stayed at 10 EH/s, and the joint venture in West Texas has 4.87 EH/s installed with 4.18 EH/s operating. Average all-in power cost was $0.043 per kWh.

The company's revenue split averaged 60.5%, excluding the joint venture, in which it holds a 49% stake across the Alborz, Bear and Chief Mountain facilities. Non-JV installed power capacity totals 244.9 MW, with 88.7 MW of that in North America. Chief executive Nangeng Zhang said hashprice kept recovering from August and that rising network difficulty did not stop the company from mining.

At a BTC price near $80,400 on Binance on October 15, 44 BTC is worth roughly $3.5 million. That is our arithmetic and not a figure from the release.

The Ethiopia mining pause in the footnote

Look at the project table in the release and the global operating figure is 14.18 EH/s. Strip out the joint venture and 4.96 EH/s of the remaining 10 EH/s sits in Ethiopia. Footnote 10 says Canaan has paused mining there, yet the hashrate stays in its installed count.

The mining projects table and its footnotes, including the Ethiopia pause. Source: SEC EDGAR.

The release defines operating hashrate as the amount that could theoretically be generated by all energized machines, including ones that are temporarily offline. So a paused site can still count as operating on paper. Anyone comparing 44 BTC with 10 EH/s should keep that definition in mind, since the Canaan bitcoin treasury grows only from machines that actually run.

How the Canaan bitcoin treasury moved

August's update showed 1,868 BTC and no ETH on the balance sheet. Add September's 44 mined and the total would be 1,912, yet the release reports 1,875. That is a gap of 37 BTC that the document does not itemize.

Part of the Canaan bitcoin treasury story is a buyback program. On August 4 the company said it would monetize some treasury assets to repurchase its ADSs. By October 15 it had sold 3,952 ETH and 54.5 BTC for about $13.9 million in cash. It spent $5.4 million of that on 13.6 million ADSs in late August.

That works out to about $0.40 per ADS, again by our arithmetic. The company says it has repurchased around 16.4 million ADSs this year in total.

Heat reuse and what comes next

The release also spotlights a side project. An 8 MW Nordic district heating project is fully operational and delivers recovered computing heat to about 2,800 homes. A greenhouse heat recovery project in Canada is waiting on site inspections.

The September data comes from an unaudited update and covers one month only. This article reports company figures and does not predict mining output or the share price.