Jiannan Technology announces updates on Bitcoin production and mining operations for September 2026
The Nordic regional heating project is now fully operational.
The treasury holds 1,875 bitcoins, and 44 bitcoins were mined in September.
Singapore, October 15th / PRNewswire / -- Ganan Technology (Nasdaq ticker: CAN) ("Canaan" or "the Company") today released its unaudited monthly update on Bitcoin mining as of September 30, 2026.
Management Commentary
Zhang Nangeng, Chairman and CEO of Canaan Creative, stated: "In September, the Bitcoin market continued to demonstrate resilience, moving forward amidst macroeconomic and policy uncertainties. Institutional participation remained stable. The Hashprice trend continued from August, indicating that the economic viability of mining is improving, and it provides a cautiously optimistic signal for the market."
"In such an environment, our focus remains on steady execution. Our non-joint venture business has maintained a stable computing power of 10 EH /s. Despite the increase in network difficulty, we still mined 44 Bitcoins that month, bringing our Bitcoin holdings at the end of the month to 1,875. Our joint venture business also performed steadily, with a installed computing power of 4.87 EH /s and an operational computing power of 4.18 EH /s at the end of the month."
Zhang Nangeng continued, "We have also seen encouraging progress in comprehensive computing and energy strategy. Our 8-megawatt Nordic regional heating project is now fully operational, delivering recycled thermal energy to approximately 2,800 households. In Canada, our greenhouse waste heat recovery project is advancing as planned, subject to the completion of on-site inspections. These milestones further demonstrate the potential of our technology to connect computing and energy infrastructure through waste heat reuse initiatives."
Looking to the future, we will continue to build on our momentum in advancing computing and energy projects, and seek opportunities to transform our capabilities into tangible results. We remain committed to executing our plans steadily and creating sustainable long-term value for our shareholders.
Bitcoin Mining Updates for September 2026 (Unaudited)
Bitcoin Mining Infrastructure Update for September 2026 (Unaudited)
Note:
- 1. Refers to the total amount of Bitcoin held on a company's balance sheet, including any Bitcoin receivable, but excluding Bitcoin received as customer deposits.
- 2. Refers to the total operational computing power that all powered-on mining machines can theoretically generate by the end of the month, including those that may be temporarily offline, and is only applicable to non-joint venture businesses.
- 3. Refers to the weighted average percentage that a company can obtain from the total revenue under a joint mining arrangement, where 100% of the mining machines composed of installed computing power are powered on.
- 4. Refers to the weighted average power cost when 100% of the mining machines, which are composed of installed computing power, are all powered on.
- 5. “JV” represents the 49% equity held by the company in the facilities of Alborz, Bear, and Chief Mountain in West Texas. The indicators for joint ventures are listed separately and are not included in the calculation of Bitcoin production or average comprehensive power costs.
- 6. Refers to the theoretical computing power that can be generated if all powered-on mining machines are currently running, including those that may be temporarily offline, and is only applicable to non-joint venture businesses.
- 7. Refers to the sum of operational computing power and installed but not yet operational computing power (if any).
- 8. Refers to the computing power that has arrived in the countries where the mining projects are located but has not yet been installed.
- 9. Refers to the sum of the installed computing power and the expected computing power.
- 10. Jianan Technology has suspended its mining operations in Ethiopia, but its computing power is still included in the company's total installed computing power.
Recent Company Updates:
Use a portion of digital asset treasury to authorize the repurchase of shares
On August 4, 2026, the company announced that it had authorized management to liquidate a portion of its digital asset treasury to repurchase its ADS. The repurchase will be carried out in accordance with the existing share repurchase plan authorized by the company's board of directors on December 12, 2025. Management believes that the current market value does not fully reflect the company's underlying assets and performance. The decision to use a part of the digital asset treasury for the repurchase of ADS reflects management's confidence in the company's strategy and also represents a prudent approach to capital allocation, aimed at enhancing the long-term value for shareholders.
As of October 15, 2026, the company has realized 3,952 ETH and 54.5 BTC, obtaining approximately $13.9 million in cash. In late August, the company used $5.4 million to repurchase 13.6 million ADS. Since the beginning of the year, the company has cumulatively repurchased about 16.4 million ADS.
About Canaan Technology
Jianan Technology was established in 2013 and is a technology company focused on the design of high-performance computing chips, chip research and development, production of computing devices, and software services for ASIC. Jianan Technology has rich experience in chip design and large-scale production in the field of ASIC. In 2013, Jianan's founding team delivered the world's first batch of mining machines using ASIC technology to customers under the Avalon brand. In 2019, Jianan completed its initial public offering on the NASDAQ global market. For more information, please visit https :// www.canaan.io.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made under the “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements can be identified by words such as “will”, “expect”, “anticipate”, “future”, “intend”, “plan”, “believe”, “estimate”, and similar expressions. Among other things, the business outlooks and management quotations in this announcement, as well as Canaan Creative’s strategies and operational plans, contain forward-looking statements. Canaan Creative may also make written or oral forward-looking statements in its 20-F and 6-K periodic reports filed with the U.S. Securities and Exchange Commission (“SEC”), annual reports to shareholders, press releases, and other written materials, as well as in oral statements made by its executives, directors, or employees to third parties. Statements that are not historical facts, including those regarding Canaan Creative’s beliefs and expectations, such as expectations regarding revenue or mining capacity deployment, are considered forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Various factors could cause actual results to differ significantly from those contained in any forward-looking statements, including but not limited to: the company’s objectives and strategies; the company’s future business development, ability to achieve its objectives, financial condition, and operating results; the expected growth of the Bitcoin industry and Bitcoin prices; the company’s expectations regarding product demand and market acceptance, especially for Bitcoin mining machines; the company’s expectations for maintaining and strengthening relationships with production partners and customers; the company’s investment plans and strategies, and fluctuations in quarterly operating results; industry competition; the constantly changing macroeconomic and geopolitical environment, including changes in international trade policies and the implementation of additional tariffs, import restrictions, and retaliatory trade actions; and government policies and regulations related to the company and cryptocurrencies. For more information regarding these and other risks, please refer to the documents submitted by the company to SEC.All information provided in this press release and its attachments is as of the date of issuance of this press release. Except as required by applicable laws, Canaan Technology assumes no obligation to update any forward-looking statements.
Investor Relations Contact Person
Jiannan Technology
Xi Zhang
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Christensen Advisory
Christian Arnell
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Media Contact
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