Bitcoin Mining Update: Canaan, HIVE, AgriForce Expand Capacity Amid Market Shifts

Canaan Reports Growth in Bitcoin Mining Operations

Canaan Inc. (NASDAQ: CAN), a major player in the cryptocurrency mining sector with a market capitalization of $311 million, has released its unaudited Bitcoin mining update for April 2025. The company reported mining 87 Bitcoins and ended the month with a reserve of 1,424 Bitcoins. Despite a decline in the Bitcoin price, Canaan added 16 Bitcoins to its holdings. The company's stock demonstrated significant momentum, gaining over 47% in the past week, although InvestingPro data indicates considerable price volatility with a beta of 3.28.

Canaan's North American operations, including projects in Pennsylvania and Texas, saw an increase in installed and energized hashrate, contributing over 1.5 EH/s to its computing power. This expansion is part of strategic partnerships with Luna Square and Mawson Hosting. The total deployed hashrate reached 8.15 EH/s, with 6.20 EH/s operational and total electricity costs at $0.044 per kWh. Despite challenges, such as gross profit margins of -31.31%, analysts expect revenue growth for the current year.

Canaan's operations outside North America, especially in Ethiopia, also proved strategically valuable. Despite minor power interruptions in early April, the company maintained a 95% uptime for the month, which, according to Chairman and CEO Nangeng Zhang, remains above market standards. The company reported an average miner efficiency of 20.1 J/TH in North America and 30.8 J/TH globally, with an installed power capacity of 239.7 MW at the end of April.

Canaan has expanded its self-mining operations in North America and expects to add about 4.7 EH/s to its hashrate. The company completed the taped-out process for its next-generation Avalon A16 series Bitcoin mining machines and plans to release performance data and distribute sample units after full system testing. Canaan also announced the termination of an agreement for an additional $100 million preferred stock financing due to unforeseen market conditions. The first tranche of $100 million was received, but the agreement for the second tranche was mutually terminated as of April 30, 2025.

Founded in 2013 and listed on the Nasdaq Global Market since 2019, Canaan specializes in high-performance ASIC computing chip design and production. The company reaffirmed its revenue forecast for fiscal year 2025 at $900 million to $1.1 billion, emphasizing strong sales expectations for the second half of the year. Canaan also launched the Avalon Q, a quiet home-use Bitcoin miner with a maximum hashrate of 90 TH/s, designed for compatibility with standard home electrical systems.

• Q4 2024 revenue: $88.8 million (exceeded expectations)
• EPS: -$0.33 (missed expected -$0.08)
• H.C. Wainwright and Benchmark maintain "Buy" ratings with a $3.00 price target

Summary Box:
Canaan continues to expand its mining capacity and product offerings, despite profitability challenges. The company maintains a strong growth outlook, supported by strategic partnerships, technological innovation, and a focus on both large-scale and home mining solutions. (Source: Investing.com Deutsch)

Bitcoin Miners Shift from Selling to Strategic Accumulation

According to on-chain data analyzed by Glassnode, Bitcoin miners have begun replenishing their reserves after a prolonged period of selling. This behavioral shift emerged after Bitcoin's price dropped below the $75,000 mark in April, marking a local low for BTC prices and a turning point for miner wallets, which had been steadily declining since late 2023.

Between April 12 and May 13, the total amount of BTC held by miner addresses increased from approximately 1.794 million to over 1.797 million—a rise of about 2,700 BTC. While the percentage increase is minor, the change in direction is significant and signals growing miner confidence in the long-term potential of the asset. This accumulation phase follows months of sustained selling pressure, which many blamed for the stagnation in upward momentum. The reversal has boosted market optimism, especially as institutional investor demand continues to outpace the amount of newly mined BTC.

• Miners' accumulation is seen as a strong positive signal for Bitcoin's development.
• Institutional inflows continue to exceed the amount of newly mined BTC.

Summary Box:
Bitcoin miners have shifted from selling to accumulating, indicating renewed confidence in Bitcoin's long-term prospects and contributing to a more optimistic market sentiment. (Source: Cryptodnes.bg)

HIVE Accelerates Mining Expansion, Targets 25 EH/s

HIVE Digital Technologies has announced significant progress in Paraguay. Following the acquisition of Yguazú assets from Bitfarms and the completion of the first 100-megawatt expansion phase at the Valenzuela site, HIVE's Bitcoin mining capacity has surpassed 7 exahash per second (EH/s). This represents a 10% month-over-month increase in hashrate, with plans to accelerate this growth further.

The global Bitcoin hashrate for HIVE currently stands at 7.3 EH/s, primarily enabled by the commissioning of a 100-megawatt hydropower plant in Paraguay. HIVE plans to expand capacity by about 1 EH/s per month, aiming for 11.5 EH/s by the end of June 2025. In April 2025, HIVE produced 102 BTC, with an average daily production of 3.4 BTC and a mining efficiency of 20.7 J/TH. The average hashrate in April was 6.5 EH/s, peaking at 6.6 EH/s.

HIVE's management highlighted the benefits of the Bitfarms asset acquisition and the use of clean hydropower in Paraguay. The company aims to nearly double daily Bitcoin production to about six BTC by the end of June. HIVE has already saved $27 million in capital expenditures by redeploying 30 MW of its own BUZZ Miner. The second expansion phase is underway, with over 13,400 hydro-cooled Bitmain S21+ ASIC miners being delivered to Paraguay, aiming to add 6.5 EH/s of capacity. The Yguazú site already has over 20,000 machines installed, expected to be fully operational by the end of May.

HIVE raised gross proceeds of 96.9 million CAD (about $67.4 million USD) in Q1 2025 through its ATM equity program, issuing 25.2 million shares at an average price of 3.84 CAD. These funds are being used to expand data centers, acquire new mining hardware, and strengthen working capital. The company is preparing for another 100-megawatt expansion at Valenzuela, which could be operational between August and November, potentially pushing HIVE's global hashrate above 25 EH/s.

• Focus on sustainability and renewable energy
• Goal to become a leading global Bitcoin miner

Summary Box:
HIVE is rapidly expanding its mining capacity, leveraging clean energy and disciplined capital management to position itself as a global leader in sustainable Bitcoin mining. (Source: FinanzNachrichten.de)

AgriForce Expands Bitcoin Mining Capacity in Ohio by 50 PH/s

AgriForce Growing Systems Ltd. (NASDAQ: AGRI), a microcap company with a market capitalization of $2.87 million, announced the arrival of 500 Bitmain S19j Pro 100T Bitcoin mining machines at its second facility in East Palestine, Ohio. Despite a share price decline of over 30% since the start of the year, InvestingPro analysis suggests the company appears undervalued at its current price of $1.65. The new equipment is expected to be installed imminently, increasing AgriForce's total operational hashrate in Ohio to 130 PH/s.

This delivery aligns with AgriForce's strategy to expand mining activities and improve cost efficiency. With the addition of these machines, AgriForce will operate 130 PH/s across two wholly owned facilities in Ohio. Analyst forecasts predict revenue growth of over 5,000% for the coming year, although the company's overall financial health remains weak. AgriForce benefits from low-cost power contracts and vertically integrated infrastructure, positioning it as a competitive player in North American Bitcoin mining.

CEO Jolie Kahn stated that the arrival of the new machines marks a significant step in the company's scaling roadmap, expected to improve operational capacity and cost efficiency as AgriForce works toward a target of one exahash. CFO Chris Polimeni highlighted the company's agility in rapidly deploying new mining hardware. AgriForce also reported the full operational launch of its optimized mining facility in Sturgeon, Alberta, now running at 35.22 PH/s.

Recent corporate developments include adjusting the conversion price of January 2025 notes to $1.90, postponing a planned amortization payment, and changes in executive leadership. AgriForce also appointed CBIZ CPAs as its new auditor. The company estimates average mining costs at about $41,000 per Bitcoin, based on operations in Alberta and Ohio.

• Focus on energy-efficient, sustainable operations
• Rapid scaling and infrastructure optimization

Summary Box:
AgriForce is aggressively expanding its mining capacity and infrastructure, aiming for significant revenue growth and operational efficiency, despite financial challenges. (Source: Investing.com Deutsch)

Sources:

• Iris Energy Aktie: Bitcoin-Miner mit AI-Turbo?
• Canaan meldet Wachstum im Bitcoin-Mining-Geschäft
• Bitcoin-Miner kehren Kurs um und wechseln von Verkauf zu strategischer Akkumulation
• HIVE beschleunigt Mining-Offensive und peilt 25 EH/s an
• AgriForce erweitert Bitcoin-Mining-Kapazität in Ohio um 50 PH/s
• CleanSpark Aktie: Analystenkommentare eingeholt