Canaan Reports 4.01 EH/s Bitcoin Hashrate in Ethiopia

Bitcoin mining hardware manufacturer Canaan has reported a total of 4.75 EH/s of energized proprietary hashrate globally, with 84% of that capacity located in Ethiopia.

In its first-ever monthly Bitcoin production update released Wednesday, Canaan revealed it mined 62 BTC in December 2024, reflecting a realized hashrate of 3.29 EH/s. This represents approximately 69.2% of its total energized hashrate of 4.75 EH/s for the period.

Additionally, Canaan’s proprietary Bitcoin reserves increased to 1,293 BTC by the end of December.

Of the 4.75 EH/s in energized hashrate, 4.01 EH/s was situated in Ethiopia, while the U.S. accounted for another 0.7 EH/s. The remaining 0.05 EH/s was split between the Middle East and Canada.

As previously reported, Ethiopia has become a hotspot for Chinese mining investors shifting operations overseas following China’s 2021 Bitcoin mining ban. BitFuFu and BIT Mining both announced expansion plans in Ethiopia recently.

Meanwhile, Canaan’s founder and chairman, Nangeng Zhang, provided guidance for the company’s fiscal year 2025 revenue.

“Our goal remains on track to reach 10 EH/s of mining hash rate in North America and 15 EH/s globally by mid-2025,” Zhang said. “Given the increasing demand for Bitcoin mining hash rate and our expanding mining operations, our preliminary expectations for total revenues in fiscal year 2025 are in the range of $900 million to $1.1 billion.”