Canaan Mines 44 Bitcoin in August, Sells All ETH Holdings

Canaan released its unaudited August Bitcoin mining operating data. According to ChainCatcher, the company mined 44 BTC in August and held 1,868 BTC on its balance sheet at the end of the month, while its ETH holdings were fully liquidated. The company said it sold all 3,952 ETH and 54 BTC at the end of August at average prices of about $2,400 and $79,000, respectively, generating about $13.9 million. It used about $5.4 million of the proceeds to repurchase roughly 13.6 million ADS, bringing year-to-date repurchases to about 16.4 million ADS. Canaan said its non-joint-venture mining sites had installed hashrate of 10.05 EH/s, while its joint-venture mining sites had installed hashrate of 4.92 EH/s. Its combined power cost for the month was about $0.043 per kWh.