Bitcoin mining giant Canaan is raking in the digital gold. The company posted a staggering 312% year-over-year increase in mining revenue, hitting $15.3 million in Q4 2024 alone. Their total mining revenue for the year reached $44 million, up 29.6% from $34 million in 2023. Pretty decent numbers for a company that started as a hardware manufacturer.
January 2025 saw Canaan mine 88 bitcoins, a significant jump from December’s 62. Their bitcoin holdings have swelled to 1,292.5 BTC by the end of 2024, worth approximately $112 million at current rates. By January 2025, that number had grown to 1,319 bitcoins. They’re hoarding digital treasure like dragons.
Canaan’s bitcoin stash continues to grow—1,319 digital coins and counting. Dragon-level hoarding for the mining behemoth.
The company’s operational muscle is flexing too. Their deployed global hashrate increased to 6.43 EH/s, with operating hashrate hitting 5.73 EH/s by February 2025. The company’s revenue split improved from 53.7% to 57.3% in January, indicating stronger negotiating power with hosting partners. At Stronghold’s Panther Creek facility, they achieved 0.93 EH/s, up 26% after upgrading with 6,000 Avalon A14 miners. Their ambition? Reach 10 EH/s in North America and 15 EH/s globally by mid-2025. Talk about appetite.
Overall revenue for 2024 came in at $269.3 million, a 27.4% boost from 2023’s $211.5 million. Q4 revenue hit approximately $89 million, exceeding guidance. The company’s Q4 performance demonstrated 80.9% year-over-year growth, significantly outpacing industry averages. Looking ahead, they’re projecting FY2025 revenue between $900 million to $1.1 billion. Bold prediction? Maybe.
Canaan isn’t just mining more—they’re expanding geographically. New operations in Pecos, Texas. Upgraded facilities in Pennsylvania. They’ve even launched new consumer products: the Avalon Q home mining machine and the Avalon Mini 3 and Nano 3S mining heaters. Because who doesn’t want their space heater mining Bitcoin? The constant operation of these miners contributes to the industry’s massive energy consumption, which currently accounts for approximately 0.8% of global electricity usage.
Funding all this growth, Canaan secured up to $200 million through Series A-1 Preferred Shares, with $100 million already received. That cash is earmarked for R&D, production expansion, and North American infrastructure. Clearly, Canaan is betting big on Bitcoin’s future. And so far, the bet seems to be paying off.
