Leo Wang @ Canaan Avalon

Hi, please feel free to subscribe to Canaan’s newsletter here (and let us know if you have any topic related to the industry that you’d like to see discussed!) canaan-newsletter.beehiiv.com

@diranoteg @canaanio We talked about AI-HPC in our earnings call. If you missed it, here is a transcript - investing.com/news/transcrip…

@canaanio @herder1981 Wondering why Canaan is still mining BTC, when other miners have pivoted to AI/HPC infrastructure. Are there any plans to do that?

April numbers are in and our platform is growing. This month’s update includes our JV operations. Full report: investor.canaan-creative.com/news-releases/…

In 2015, one chip changed what bitcoin mining could be. 28nm. 1 TH/s. Canaan sold it to anyone who wanted one. That decision built a community closed ecosystems never could.

Q1 2026 earnings are here. Record treasury. Home mining up 116% YoY. Continued expansion in West Texas and the Nordics. Built for the long game. Full Q1 2026 earnings release → investor.canaan-creative.com/news-releases/…

We won a competitive bid to supply a Nordic district heating network. 8 MW of Avalon hydro-cooled units. ~2,800 homes. High-grade heat from compute. Hash-to-heat is here. #Bitcoin #HashToHeat Full press release → investor.canaan-creative.com/news-releases/…

🎙️ If you missed it live: Behind the channel with @HobbyistMiner is now up. Honest takes on creating, home mining, and what’s next. What do you 🫵 want to see next in home mining? Let us know below. twitter.com/i/spaces/1qJDz…

Canaan Inc. is targeting up to 1 Gigawatt (GW) of operated power capacity through acquisitions in 2026, pivoting strongly as retail and grid-balancing consumer hardware surges.

Canaan to Heat 2,800 Nordic Homes With Bitcoin Miners $CAN theenergymag.com/news/market-ne…

@__hira__86 Hi Chandrase-Cor, we are not too concerned about July delisting risk. There are rules that potentially allow us more time. We are working on this.

@herder1981 Hello from Japan. The Q1 earnings were disappointing, but Japanese fans and shareholders support your efforts! To keep supporting you, please share a long-term vision. Especially, how will you survive the July delisting crisis? Please engage in dialogue.

Canaan Wins Nordic Heating Bid, Turns Bitcoin Mining Waste Heat Into Residential Hot Water news.bitcoin.com/canaan-wins-no…

@v3w3n We are not too concerned about delisting risk. There are rules that may allow us more time to push through what we've been working on. Thank you.

@herder1981 When do you expect that we will see $1 again? And how do you perceive the delisting risk please?

@_H4Q_ Hi @19BH98 I'd encourage you to listen to our recent earnings call, or search online for transcript of that meeting. I'm hopeful that reading through the session will give you some color on our strategy. It's a challenging time for all of us, but we are working hard.

@canaanio The return of home mining!

In 2013, you could mine bitcoin from a USB stick. Hobbyists were chaining dozens of them together through powered hubs just to be part of the network. That curiosity became a philosophy and that philosophy became the Nano 3S. ⚡ The form factor never died, it just grew up. #Bitcoin #HomeMining #BitcoinHistory

Nice review! Thanks for pointing out the efficiency, quietness and powder coating of our A16 XP miner!

@sprainhill @matthew_sigel Yes, unregulated crypto exchanges need new revenue streams, and compete against regulated exchanges on rates. Still, our borrowing rates are much lower.

@matthew_sigel I think the rate repricing is more being driven by market-wide compression in coin-backed lending rates than direct read throughs lease (although I'm sure it doesn't hurt). But entire secured lending mkt has compressed several hundred basis points even just in the last ~6mths

RIOT +8%...Market pricing in lower cost of capital as expanded AMD deal drives lender confidence. Per the 10-Q, the $200M debt credit facility from COIN (renewed last week to April '27 and shifted to a fixed rate from floating), is 6.15% (from 8.3% as of 3/31) and 1,544 BTC of collateral was released (from 5.8k to 4.3k pledged). With the full amount drawn, that reduces interest expense by about ~$4M to ~$12M annualized, with the combo of lower rate + collateral release (also aware of BTC price movement) showing lenders more willing to reprice RIOT credit given expanded AMD lease rev and additional non-BTC rev.

@matthew_sigel Enjoy June in Paris!

Our fund currently holds ~3.3% in Europe (UK & Norway), but 0% in continental EU. The truth is, I rarely visit anymore. Between the stilted regulatory environment, a lack of dynamism in the listed tech sector, and an increasingly one-sided political landscape, it’s hard to justify the flight. Especially when June is the one of the few months when NYC weather is actually perfect. However, I’m making an exception for @proofoftalk at the Louvre next month. Over the years I've found it to be a rare, high-signal venue that reliably attracts both global C-suite operators and founders building the exceptions to the rule. I’ll be speaking on our current market approach and looking for the outliers. See reply for link if you want to connect.

This week’s Canaan newsletter! canaan-newsletter.beehiiv.com/p/the-unbundli… via @https://x.com/canaanio

Tether Develops New Bitcoin Mining Infrastructure with Modular Compute Systems to Control Energy, Cost, and Performance at Scale Learn more: tether.io/news/tether-de…

These kitten babies are so tiny! So excited to see how Avalon Mini 3 and Home Series are helping the real lives!