Canaan Inventory Swells on Canadian Fuel-to-Compute Pilot Plans – Decrypt

Bitcoin mining {hardware} producer Canaan Inc. (NASDAQ:CAN) inventory jumped over 40% Monday, closing at $1.52 on double its common buying and selling quantity, following its announcement of a gas-to-compute pilot in Alberta, Canada.

The pilot undertaking, developed with Calgary-based Aurora AZ Power, is designed to transform “distributed pure gasoline assets” into “dependable, cost-efficient energy for high-density computing environments,” based on a assertion.

Distributed pure gasoline assets are small or distant gasoline websites that can be utilized domestically to generate energy as an alternative of sending the gasoline to energy vegetation. When used for Bitcoin mining, such a useful resource may present cheaper and extra dependable off-grid energy.

Canaan’s inventory jumped following the announcement, rising greater than 40% to shut at $1.52 on Monday, based on Google Finance.

Historic information from Nasdaq reveals Canaan traded about 72.3 million shares on Monday, up from its 30.8 million month-to-month common. The recorded quantity was one of many firm’s highest, greater than double its typical buying and selling ranges seen all through 2025.

Canaan claims its proposed setup may lower as a lot as 14,000 tons of carbon emissions every year by utilizing gasoline that might in any other case be flared.

The pilot goals to check whether or not small, modular methods can reliably energy Bitcoin mining and AI computing at decrease price, although the corporate has not but launched efficiency information.

Decrypt reached out to Canaan for touch upon its emissions-reduction declare and the efficiency targets for the Alberta gas-to-compute pilot.

Earlier this month, Canaan secured a 50,000-unit Avalon A15 Professional order from a U.S. mining buyer. It was the corporate’s largest sale in three years and confirmed renewed demand for its newest {hardware}.

Canaan’s inventory rally displays a wider rebound in Bitcoin mining shares as buyers return to crypto infrastructure performs.

Corporations equivalent to Marathon Digital, CleanSpark, and Bitdeer have outperformed Bitcoin in October, lifted by the asset’s rise towards document highs and stronger demand for energy-efficient operations.

On the time of writing, Bitcoin is buying and selling at about $114,700 per CoinGecko information, after struggling a pointy “Black Friday” crash over the weekend that triggered over $19 billion in liquidations throughout the crypto market.