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NG Zhang, Founder of Canaan, Introduced the Integration of BTC Mining with Renewable Energy in Gitex
About Canaan Inc. (NASDAQ: CAN)
Canaan Inc. (NASDAQ: CAN) is a technology company focused on advancing the infrastructure behind blockchain networks. Known for designing and producing high-performance ASIC chips and hardware systems, Canaan is a key player in the development of cryptocurrency mining technology. The company has also been investing in AI research and edge computing, signaling a broader interest in high-efficiency computing applications.
With headquarters in China and a global footprint, Canaan operates at the intersection of cutting-edge semiconductor design and the rapidly evolving blockchain economy. Its hardware products support various decentralized networks, contributing to the broader ecosystem that underpins digital assets. For observers interested in the convergence of hardware innovation and Web3 technologies, Canaan represents a unique presence in the space.
Canaan Inc. (NASDAQ: CAN)
Pioneering Supercomputing with Purpose
Canaan, established in 2013 by founder and CEO Nangeng “NG” Zhang, is a provider of supercomputing solutions that merge cost-efficiency with high performance. Born from academic research in application-specific integrated circuits (ASICs), Canaan launched the world’s first ASIC-based Bitcoin miner under its Avalon brand, fundamentally reshaping the landscape of crypto-mining hardware.
Positioning itself at the cutting edge of computing, Canaan develops hardware that “addresses the limitations of today’s computing hardware” and “powers transformative technologies”.
The company emphasizes strategic collaboration with academic institutions and industry partners to advance semiconductor design—laying the groundwork for its expanding suite of solutions across both crypto and emerging computing sectors.
Avalon Q – Home Mining, Reinvented
In early 2025, Canaan debuted its Avalon Q model at the Mining Disrupt conference—introducing a first-of-its-kind, professional-grade Bitcoin miner built for home environments.
This model delivers a robust 90 TH/s hashing capacity, while operating “whisper quiet”—designed to integrate seamlessly into typical 110 V residential power systems.
Balancing Performance with Accessibility
Specifically engineered for home users, the Avalon Q consumes approximately 1,674 W (≈18.6 J/TH) and incorporates air-cooling technology. Canaan positioned it as a turnkey solution, shipping to select markets starting May 2025 and accepting payment in USD, BTC, or USDT through pre-order arrangements.
The product reflects the company’s commitment to extending mining capabilities beyond industrial scales—opening the door for retail enthusiasts to participate directly and onboard more users into the Bitcoin network’s supporting infrastructure
Driving Performance Through Product Innovation
A Record Quarter Backed by Avalon A15 Series
Canaan delivered a standout performance in Q1 2025, generating $82.8 million in total revenue—surpassing its $75 million guidance. A significant driver was the delivery of over 19,000 A15 series miners, which alone contributed $45 million in revenue and added 3.9 million TH/s in computing power sold. The company reported a 53.4% year-over-year increase in average selling price (ASP), reaching $10.50 per TH/s, marking its highest on record.
These gains were further supported by operational efficiencies and higher Bitcoin prices, leading to positive gross profit for the quarter—a notable turnaround. This performance reflects Canaan’s strategic decision to stockpile inventory in anticipation of increased market demand and price shifts following the Bitcoin halving event earlier in the year.
Expanding Global Mining Infrastructure
Canaan continues to grow its self-mining operations, reaching 6.6 EH/s of installed global computing power as of March 31, 2025, and expanding to 8.75 EH/s by May 19. The company mined 259 BTC in Q1, up 39% quarter-over-quarter, with mining revenue hitting $24.3 million—a 131.9% YoY increase and its highest ever.
North America has emerged as a strategic focal point. In Q1, Canaan entered new hosting agreements in Pennsylvania and Texas, adding up to 4.7 EH/s of potential hash rate. Additionally, its upgraded mining fleet, including over 6,000 Avalon A14 units, helped improve fleet efficiency and revenue per BTC mined. The company now holds 1,408 BTC valued at approximately $117 million, demonstrating its deepening role as both a hardware provider and active mining participant.
Meet the Caanan Inc. Leadership Team (NASDAQ: CAN)
Nangeng Zhang | Chairman of the Board and Chief Executive Officer
Mr. Zhang has 11 years of experience in electronic device design, engineering, manufacturing, quality control and research and development and is responsible for formulating and overseeing its overall development strategies and operations. Before founding Canaan, Mr. Zhang was an assistant researcher at the Beijing Remote Sensing and Communication Technology Institution, a research institution which specializes in research and development and production and marketing of antenna, detector, photoelectric measuring equipment and mid-wave infrared camera, from August 2005 to July 2008. Mr. Zhang received a bachelor’s degree in electronic information engineering and a master’s degree in software engineering from Beihang University. From September 2010 to October 2013, Mr. Zhang was pursuing a Ph.D. degree at Beihang University.
James Cheng | Chief Financial Officer
Lu Meng | Secretary to the Board
Lu Meng has served as the secretary to our board of directors since March 2022. Ms. Meng joined our company in September 2018 and has served as the assistant to the chief executive officer and administrative director of our company. Ms. Meng has long-term working experience in Internet, technology and media industry. Ms. Meng previously served as a senior manager at Kuaishou Technology (HK: 1024) from March 2018 to September 2018. Prior to that, Ms. Meng served as a senior general affairs project manager at Baidu, Inc. (Nasdaq: BIDU; HK: 9888) from August 2013 to September 2017. From October 2010 to March 2013, Ms. Meng served as the assistant to the vice president at IBM China Research Laboratory. Ms. Meng holds a bachelor’s degree in applied chemistry and a master’s degree in analytical chemistry from University of Science and Technology Beijing.
Sources
- https://investor.canaan-creative.com/static-files/8988e07f-db32-4951-a06c-f51897fb8918
- https://www.canaan.io/
- https://www.canaan.io/mining/
- https://www.canaan.io/media/
- https://www.coindesk.com/news-analysis/2025/06/24/what-tariffs-will-and-wont-change-for-us-bitcoin-miners
- https://www.nasdaq.com/articles/canaan-ceo-and-cfo-purchase-addl-shares-companys-stock-open-market
- https://www.nasdaq.com/market-activity/stocks/can
- https://www.morningstar.com/news/pr-newswire/20250623cn15865/canaan-inc-announces-strategic-realignment
- https://shop.canaan.io/pages/company-overview
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