The strategy comes as Canaan’s new line of business is growing faster than its traditional mining hardware division, suggesting the company is becoming less reliant on industrial equipment sales. Home mining products revenue in 2025 increased 850% year over year to $24.6 million, while self-mining revenue increased 98.5%, outpacing industrial mining equipment revenue growth of 82.2%.
Still, industrial hardware remains the company’s largest business, accounting for 73.7% of its revenue.
“Networks are growing, but in a different way. It used to be driven by public companies and large data centers… now that trend is changing. The drivers are changing to consumers and people trying to balance the grid,” Leo Wang, vice president of capital markets and corporate development at Canaan, told Sandmark in April.
Last year, the company sold $25 million in consumer products to more than 60,000 home users. This shows that products for individual users are growing as the mining industry adapts to constraints such as: bear market About the Bitcoin price and the shift of large-scale miners to data demand supply due to artificial intelligence center.
get drive
Wang said the acquisition is expected to play a central role in the company’s next expansion phase. “We’re pretty confident that by the end of the year, the acquisition will enable us to operate up to 1 gigawatt of power,” he said. This goal would be a significant increase from Canaan’s current size. The company reported in its latest financial results that it has approximately 10 EH/s of computing capacity installed worldwide.
The company is scheduled to announce its first quarter results on May 19th. Wall Street analysts currently maintain a consensus Strong Buy rating on the stock, even though the company posted a net loss of $0.89 per diluted share in the past quarter.
Last year, the company acquired Cipher Digital Inc mining’s interests in three mining projects in Texas in a stock deal worth about $40 million, after Cipher Digital Inc mining further expanded into high-performance computing infrastructure.
“The important thing is to look at the market, not the changes in the market,” Wang said, claiming that the company sold nearly 90% of its hardware inventory in 2025 in anticipation of a prolonged bear market in Bitcoin prices.
“We’re in a bear market right now, so I see an opportunity to consolidate the market a little bit… I’d like to see more of these trades happening soon. Personally, I’d like to see that,” Wang said.
Economic downturn drives trade
Wang said the company is primarily focused on North America and is evaluating opportunities related to power assets, mining operations and related infrastructure.
He also suggested that trading conditions have become more favorable for capital participants in the past few months. “If we reach an agreement today, it will become easier,” Wang said, referring to pressure across the mining sector.
The mining economy will remain under stress in 2026. Bitcoin hash price – A measure of expected revenue from computing power – fell to $23.9/s/day in the first quarter, its lowest level since 2018, but recovered to about $39 as of May 18, the company said. hash rate index data.
coin share It is estimated that 15-20% of the world’s mining fleet was unprofitable in the first quarter, particularly penalizing operators that rely on older machines and pay higher electricity bills.
Bitcoin was trading at $77,020 as of 20:19 UTC, while Canaan stock closed the day at $0.48, down 3.54% on the Nasdaq market.
