Canaan reports August mining results, liquidates ETH holdings and sells BTC

Canaan (CAN) released its unaudited Bitcoin mining data for August, reporting 44 BTC mined. As of the end of the month, the company held 1,868 BTC. Canaan liquidated its entire position of 3,952 ETH and sold 54 BTC at average prices of approximately $2,400 and $79,000, respectively, generating roughly $13.9 million. The company utilized $5.4 million of these proceeds to repurchase 13.6 million ADS, bringing its total year-to-date repurchases to 16.4 million ADS. The company's non-JV mining operations reached an installed hashrate of 10.05 EH/s, with an additional 4.92 EH/s from joint ventures, at an average electricity cost of $0.043 per kWh.