Canaan’s July mining update counted 4.96 exahashes per second from paused operations in Ethiopia inside 14.24 EH/s of global operating computing power. That means nearly 35% of the reported total came from a country where Canaan did not confirm how much capacity was hashing at month-end.
Subtracting the Ethiopia row from the rounded global figure leaves 9.28 EH/s, but that is an exclusion calculation because Canaan’s July operating update defines operating computing power more broadly than a live meter.
Canaan’s definition notes that operating computing power is the theoretical output of energized mining machines, assuming all were operating. The metric can include machines that are temporarily offline and applies to the company’s non-joint-venture operations.
The July table assigned the full 4.96 EH/s to two Ethiopia projects in both the operating and installed columns. Footnote 10 then said Canaan had paused its mining operations in Ethiopia but kept the hashrate in installed capacity.
The filing did not say whether the paused machines remained energized or how much, if any, was hashing on July 31.
A sharp change from June
As of June 30, Canaan listed Ethiopia at only 0.36 EH/s of operating computing power against 4.96 EH/s installed.
Canaan said that the decrease primarily reflected one mining site going temporarily offline beginning in mid-June because of local power-grid maintenance. A month later, the July table returned Ethiopia’s full 4.96 EH/s to the operating column even as the new footnote described the country’s mining operations as paused.
The two disclosures do not establish that the July Ethiopia pause had the same cause, or that Canaan still considered it temporary. The documents also show why the 9.28 EH/s subtraction cannot be treated as an adjusted live total, since the filings provide table classifications.
The scope issue also limits comparisons with production. Canaan reported mining 46 BTC in July and holding 1,917 BTC and 3,952 ETH at month-end, but those production numbers do not cover every row in the global capacity table.
Canaan separately reports metrics for its 49%-owned Alborz, Bear and Chief Mountain joint ventures in West Texas. It says joint-venture output is excluded from the company’s Bitcoin production and average all-in power-cost calculations, even though joint-venture capacity appears in the global projects table.
Canaan’s 14.24 EH/s figure is best read as operating capacity under the company’s theoretical definition.
Canaan’s July mining update counted 4.96 exahashes per second from paused operations in Ethiopia inside 14.24 EH/s of global operating computing power. That means nearly 35% of the reported total came from a country where Canaan did not confirm how much capacity was hashing at month-end.
Subtracting the Ethiopia row from the rounded global figure leaves 9.28 EH/s, but that is an exclusion calculation because Canaan’s July operating update defines operating computing power more broadly than a live meter.
Canaan’s definition notes that operating computing power is the theoretical output of energized mining machines, assuming all were operating. The metric can include machines that are temporarily offline and applies to the company’s non-joint-venture operations.
The July table assigned the full 4.96 EH/s to two Ethiopia projects in both the operating and installed columns. Footnote 10 then said Canaan had paused its mining operations in Ethiopia but kept the hashrate in installed capacity.
The filing did not say whether the paused machines remained energized or how much, if any, was hashing on July 31.
A sharp change from June
As of June 30, Canaan listed Ethiopia at only 0.36 EH/s of operating computing power against 4.96 EH/s installed.
Canaan said that the decrease primarily reflected one mining site going temporarily offline beginning in mid-June because of local power-grid maintenance. A month later, the July table returned Ethiopia’s full 4.96 EH/s to the operating column even as the new footnote described the country’s mining operations as paused.
The two disclosures do not establish that the July Ethiopia pause had the same cause, or that Canaan still considered it temporary. The documents also show why the 9.28 EH/s subtraction cannot be treated as an adjusted live total, since the filings provide table classifications.
The scope issue also limits comparisons with production. Canaan reported mining 46 BTC in July and holding 1,917 BTC and 3,952 ETH at month-end, but those production numbers do not cover every row in the global capacity table.
Canaan separately reports metrics for its 49%-owned Alborz, Bear and Chief Mountain joint ventures in West Texas. It says joint-venture output is excluded from the company’s Bitcoin production and average all-in power-cost calculations, even though joint-venture capacity appears in the global projects table.
Canaan’s 14.24 EH/s figure is best read as operating capacity under the company’s theoretical definition.
