Wildfires are not typically a risk factor you find in a crypto company’s pitch deck. Canaan Inc. found out the hard way in May 2026, when disruptions at its Alborz mining site in West Texas forced a significant hashrate pullback at its joint venture with WindHQ. By end of June, that story had a much better ending.
Canaan (NASDAQ: CAN) released its unaudited Bitcoin production and mining operational update for June 2026 on July 14, confirming the JV’s operating hashrate had climbed back to 4.09 EH/s, approaching the site’s installed capacity of 4.81 EH/s.
The numbers behind the recovery
The June self-mining haul came in at 64 BTC, with a net addition of 49 BTC flowing into the corporate treasury after accounting for any disposals or costs.
That pushed Canaan’s total treasury holdings to a record 1,915 BTC and 3,952 ETH.
On the non-JV side, Canaan’s North American non-JV fleet posted a record efficiency of 17.9 J/TH. The global non-JV fleet averaged 23.7 J/TH.
The company’s average all-in power cost for the period came in at $0.043 per kWh.
The non-JV operating hashrate stood at 3.36 EH/s. Canaan holds a 49% stake in the Alborz, Bear, and Chief Mountain JV facilities.
Insider buys and a market transfer
On June 24, 2026, Chairman and CEO Nangeng Zhang along with CFO Jin “James” Cheng purchased 1.065 million American Depositary Shares in the open market at approximately $0.35 each.
Canaan also transitioned to the Nasdaq Capital Market during the period.
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