Welcome back! This is Canaan's weekly update on bitcoin mining, energy, and compute infrastructure.
 

For the first time since late January, hashprice is climbing toward $40 per petahash per day. After hitting $29/PH/day in February, the metric has worked its way higher through a combination of softer difficulty and a stronger bitcoin price. Following the May 1 difficulty adjustment, hashprice rose from $34/PH/day to $39/PH/day - its strongest reading in months. Bitcoin is now trading in the low $80,000s.
 

Hashprice is the industry's working measure of mining economics. The formula is straightforward:
 

Hashprice ($/PH/day) = (Daily BTC issuance + transaction fees) × BTC price ÷ Network hashrate
 

The formula tells you what one petahash of compute is expected to earn in a day. When difficulty rises faster than BTC price, hashprice falls. When BTC price climbs or hashrate exits the network, hashprice rises. It is the single number many operators watch to gauge the economics of running a fleet.
 

The recent move higher is the result of two forces working in the same direction. The first is on the supply side. Last week’s adjustment was the network's sixth difficulty cut of 2026, bringing difficulty down to 132 trillion. Hashrate has settled from its January peak above 1 ZH/s into the 900–960 EH/s range.



 

The second force is on the price side. Bitcoin has moved from sub-$65K levels in February to comfortably above $80K this week, lifting the dollar value of every block reward.

With many of the public miners such as MARA, CleanSpark, Riot, and Core Scientific redirecting their resources into HPC and AI data center buildouts, some of their higher-cost capacity is being powered down or repurposed for non-mining workloads. But for miners running modern fleets at competitive power rates, the significant rise in hashprice over the past month translates to a stronger margin profile. Those with next-generation hardware and sub-5¢/kWh power are seeing the clearest benefit.

The next difficulty adjustment is currently estimated for around May 16, and direction depends on whether the hashrate stabilizes or continues drifting lower. CoinShares projects network hashrate could rebound to 1.8 ZH/s by year-end as fresh capacity and sovereign mining operations fill the gap left by departing public miners.

Canaan itself keeps increasing its hashrate and added over 10 MW of installed capacity in March alone, bringing global installed power to 266.3 MW plus another 120 MW from the West Texas joint ventures.

In the News

• Riot Expands AMD Deal to 50 MW, Cuts Coinbase Loan Rate to 6.15%

• Micron, IREN surge in Monday morning markets as Bitcoin fails to hold $80K

• Cipher Secures $200M Credit Line as Amazon AI Retrofit Cuts Bitcoin Hashrate

• Jack Mallers' Twenty One Capital surges after majority holder Tether proposes 3-way merger

• Core Scientific Accelerates Crypto-to-AI Pivot With 1.5 GW Texas Campus

Network at a Glance

• BTC price (USD): $81,995

• Network hashrate: 968 EH/s

• Difficulty: 132.47T

• Hashprice: $39.35 / PH / day

Project Spotlight

The Avalon3 was the unit where Canaan's hardware quietly made the leap from hobbyist desktop mining to industrial data center deployment. Released in 2014, it kept the modular form factor of the Avalon2 but tripled hashrate density: each module ran 50 of the 40nm A3233 chips, delivering roughly 290 GH/s at about 350W. Three modules in a chassis yielded around 800 GH/s — competitive numbers for the time.

Each module sat behind an 80mm Delta GFB0812SHS dual-rotor fan. Full units shipped with two Delta DPS-500YB-F server PSUs internally bridged to deliver 1 kW of continuous power. Configuration ran through either a flashed TL-WR703N pocket router or a Raspberry Pi running a stripped-down Linux image.

BitcoinTalk user "Dogie" published exhaustive setup guides covering everything from cooling mods to firmware updates. The Avalon3 was also the workhorse behind the AMS (Avalon Management System), a web-based monitoring platform ultimately deployed at a 20,000-unit Avalon3 farm with a 3D visualization mode that, at the time, looked like science fiction.

Events and Media

• Canaan will participate in B. Riley’s Annual Investor Conference on May 20, 2026, at The Ritz-Carlton, Marina del Rey

• Dr -ck, creator and maintainer of cgminer and ckpool has been reviewing the Nano3S, the the Mini3, and the Avalon Q

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• Youtube: Canaanmining

• LinkedIn: Canaan Inc.

• Website: canaan.io

• Support: Customer Care
  
  Disclaimer: This newsletter shares industry commentary and third-party news for informational purposes only. The views and opinions expressed by third-party sources are those of their respective authors and do not necessarily reflect the views of Canaan Inc.  For official news, please refer to Canaan’s press releases and SEC filings at https://investor.canaan-creative.com/.