Canaan liquidates 3,952 ETH and sells 54 BTC, mines 44 BTC in August.

BlockBeats news, September 14: Canaan announced its August Bitcoin mining and operational data. The company mined 44 BTC during the month, maintained its non-joint venture project computing power at 10.05 EH/s at month-end, while joint venture project installed computing power rose to 4.92 EH/s; the average comprehensive electricity cost in August was $0.043/kWh. As of the end of the month, the company held 1,868 BTC and no longer holds ETH.

Canaan stated that in late August it sold all 3,952 ETH and 54 BTC at average prices of approximately $2,400 and $79,000, respectively, generating approximately $13.9 million in cash. The company then used $5.4 million of that to repurchase approximately 13.6 million ADSs, bringing cumulative repurchases since the beginning of the year to approximately 16.4 million ADSs.

Additionally, the computing equipment for Canaan's Canadian computing power waste heat recovery greenhouse project has arrived on site and begun installation, with plans to put it into use before the winter heating season. The company said it will continue to allocate capital through Bitcoin mining, digital asset management, and energy efficiency projects.