Canaan Inc. (CAN) rises to a six-month high after launching a gas data center for Bitcoin and AI

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Canaan Inc. (CAN), an innovative mining and data center company, reached a six-month high after announcing a 2.5MW data center in Canada, utilizing excess flare gas for crypto mining. The center will operate 700 Avalon A15Pro machines with a target operational efficiency of 90%, while the energy can be used for AI computing or sold to the grid during downtime.

In collaboration with Aurora AZ Energy in Calgary, Canaan delivers mining equipment directly to gas wells, converting gas into electricity at low costs. CEO Nangeng Zhang emphasizes the transformation of wasted energy into a useful energy source. Since its IPO in 2019, Canaan has sold over 50,000 A15Pro units in the US, maintaining adaptability and achieving 9.3 EH/s. Ranked in the top 15 in mining, data centers, and BTC storage, Canaan owns 1,547 BTC. CAN's stock price has risen over 28% to $1.42, following the trend of recovering mining stocks as trade tensions ease.

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