Canaan Inc. Reports July Bitcoin Production and Strategic Changes

According to PANews, Canaan Inc. has announced its Bitcoin production figures for July, revealing a total output of 89 Bitcoins. By the end of the month, the company held a total of 1,511 Bitcoins. Canaan Inc. has completed its exit from mining operations in Kazakhstan and terminated a hosting agreement for a 0.96 EH/s mining machine in South Texas. The equipment is being transferred to a new partner, with approximately 0.50 EH/s expected to be operational again in August. As of the end of July, Canaan Inc. had deployed a computing power of 7.95 EH/s, with an operational power of 6.24 EH/s. The average electricity cost for the company was reported at $0.042 per kWh. Additionally, Canaan Inc. has officially adopted a long-term Bitcoin holding policy.