Record Revenues for Canaan and Hive Digital
Bitcoin mining firms Canaan Inc. (NASDAQ: CAN) and Hive Digital Technologies (NASDAQ: HIVE) reported strong third-quarter 2025 revenues. Canaan posted $150.5 million, a 104.4% increase year over year. Hive’s revenue jumped 285% year over year to $87.3 million.
Canaan’s growth was driven by global mining equipment sales and its Bitcoin mining operations, which grew 241% to $30.6 million. The company also turned profitable, recording $16.6 million gross profit. Meanwhile, Hive’s revenue rise was supported by a 223% increase in operational BTC hashrate and improved operational efficiency.
Focus on Efficiency and Capacity Expansion
Both companies expanded their capacity and invested in high-efficiency mining hardware. Canaan set a quarterly record by selling over 10 exahashes per second (EH/s) of computing power. Customer demand, especially in Asia and North America, drove this growth.
Canaan’s treasury grew to 1,610 BTC and 3,950 ETH by October 2025. Hive invested in new-generation mining equipment and enhanced cooling systems, improving power efficiency and margins. Canaan also released its Avalon A16XP model, offering 300 TH/s and 12.8 J/TH energy efficiency, highlighting its ASIC design leadership.
Strategies for Sustainable Growth and Diversification
Hive Digital aims to improve operational excellence and reduce energy use. The company prepares to enter high-performance computing markets, including AI, by investing in new hardware and infrastructure.
Canaan is piloting projects that integrate mining with energy management. These include grid balancing, using stranded natural gas, and residential heat integration. Both firms plan to link Bitcoin mining to broader computing and energy systems for long-term value.
Their financial reports indicate maturity and resilience in Bitcoin mining. Record hardware sales, efficiency gains, and strategic asset holdings position them for growth in digital mining and related technologies.
For full SEC filings visit: Canaan Inc. and Hive Digital Technologies.
