Ethereum

United

Bitcoin

would

Canaan Inc. shares jumped more than 26% in early trading Thursday after the crypto mining firm landed a 50,000-rig order.
Canaan <a href="https://www.prnewswire.com/news-releases/canaan-inc-secures-landmark-us-order-strengthening-market-leadership-amid-us-bitcoin-mining-recovery-302573702.html" rel="noopener noreferrer nofollow">said</a>&nbsp;that a US-based company purchased the latest-generation “Avalon A15 Pro” mining machines, an institutional-grade Bitcoin mining rig. The buyer was not disclosed, but the sale was reported as Canaan's largest in over three years.
The company’s CEO, Nangeng Zhang, said the sale highlighted both companies’ “confidence in the long-term growth” of Bitcoin mining and the “demand for highly efficient, next-generation infrastructure.”
According to the Hashrate Index, the United States accounted for 36% of the global Bitcoin hashrate — the total computing power miners use to secure the network, making it the world’s largest mining hub.
<figure><img alt="Canaan shares surge after 50,000-rig Bitcoin mining deal" src="https://s3.cointelegraph.com/uploads/2025-10/0199a5dc-2eef-7538-9d3d-ab999285614b" title="">
 <figcaption style="text-align: center;">Global hashrate index. Source: <a href="https://hashrateindex.com/blog/top-10-bitcoin-mining-countries-of-2025/" rel="noopener noreferrer nofollow" target="_blank">Hashrateindex.com</a>
 </figcaption>
</figure>
 Canaan, a crypto mining hardware company founded in Beijing in 2013, saw its shares up 26.4% at $1.31 on Nasdaq at the time of writing, <a href="https://finance.yahoo.com/quote/CAN/?.tsrc=applewf" rel="noopener noreferrer nofollow" target="https://finance.yahoo.com/quote/CAN/?.tsrc=applewf">according</a> to Yahoo Finance
The shares have increased over 50% in the past six months, while still experiencing a 40% decline year-to-date.
<figure><img alt="Canaan shares surge after 50,000-rig Bitcoin mining deal" src="https://s3.cointelegraph.com/uploads/2025-10/0199a5e9-f8cf-7b9e-b531-96d6d00a544f" title="">
 <figcaption style="text-align: center;">Source: <a href="https://finance.yahoo.com/quote/CAN/?.tsrc=applewf" rel="noopener noreferrer nofollow" target="_blank">Yahoo Finance</a>
 </figcaption>
</figure>
<h2 id="the-state-of-bitcoin-mining">The state of Bitcoin mining</h2>
Bitcoin mining uses computing power to validate transactions and add new blocks to the blockchain, <a href="https://cointelegraph.com/learn/articles/bitcoin-mining-difficulty-explained" rel="noopener noreferrer nofollow" target="_self">rewarding miners with newly minted Bitcoin</a> while keeping the network secure.
The process brings new coins into circulation but grows harder over time as the network raises difficulty about every two weeks, or every 2,016 blocks, and halves block rewards about every four years.
In August 2025, <a href="https://cointelegraph.com/news/bitcoin-mining-difficulty-all-time-high" rel="noopener noreferrer nofollow">mining difficulty hit a record</a> 127.6 trillion, before climbing again to 134.7 trillion on Sept. 5. On Thursday, the difficulty rate climbed to 150.84 trillion, signalling that Bitcoin is more difficult to <a href="https://www.coinwarz.com/mining/bitcoin/difficulty-chart" rel="noopener noreferrer nofollow" target="_blank">mine</a> today than it has ever been.
<figure><img alt="Bitcoin Mining, United States" src="https://s3.cointelegraph.com/uploads/2025-10/0199a5fd-6243-748c-87e3-b67f2aae0203" title="">
 <figcaption style="text-align: center;">Bitcoin mining difficulty chart. Source: <a href="https://www.coinwarz.com/mining/bitcoin/difficulty-chart" rel="noopener noreferrer nofollow" target="_blank">Coinwarz.com </a>
 </figcaption>
</figure>
The rising difficulty and associated costs have forced some players out. In June 2025, Bit Digital said it would shut down its <a href="https://cointelegraph.com/magazine/bitcoin-mining-industry-dead-2-years-halving-bit-digital-ceo/" rel="noopener noreferrer nofollow">Bitcoin mining operations</a> to shift toward an Ethereum treasury strategy.
The company’s CEO, Sam Tabar, <a href="https://cointelegraph.com/magazine/bitcoin-mining-industry-dead-2-years-halving-bit-digital-ceo/" rel="noopener noreferrer nofollow">told Cointelegraph</a> that the “Bitcoin mining industry is going to be dead in two years,” adding that “there’s no way the mining industry can survive another halving.”&nbsp;
<figure><img alt="Bitcoin Mining, United States" src="https://s3.cointelegraph.com/uploads/2025-10/0199a5ff-4e61-798e-bc34-349291147c6b" title="">
 <figcaption style="text-align: center;">Bitcoin mining production, holdings, and hashrate in July 2025. Source: <a href="https://backend.theminermag.com/wp-content/uploads/2025/08/July-August-2025-Report.pdf" rel="noopener noreferrer nofollow" target="https://backend.theminermag.com/wp-content/uploads/2025/08/July-August-2025-Report.pdf">The Miner Mag</a>
 </figcaption>
</figure>
The difficulty of mining Bitcoin has also led to an increase in dominance by large institutional miners. A recent <a href="https://backend.theminermag.com/wp-content/uploads/2025/08/July-August-2025-Report.pdf" rel="noopener noreferrer nofollow" target="https://backend.theminermag.com/wp-content/uploads/2025/08/July-August-2025-Report.pdf">report</a> from The Miner Mag showed that the top four public miners — MARA, IREN, Cango, and CleanSpark — accounted for 19.07% of the total block rewards in July.
Yet, solo miners are still occasionally able to successfully mine blocks. On July 3, a solo miner produced block 903,883, earning nearly <a href="https://cointelegraph.com/news/bitcoin-solo-miner-wins-350-000-with-measly-2-3-petahash" rel="noopener noreferrer nofollow">$350,000 from the block reward</a> along with transaction fees paid by users to secure faster confirmation.
A few weeks later, a second solo miner collected more than <a href="https://cointelegraph.com/news/solo-bitcoin-miner-collects-373-000-block-reward" rel="noopener noreferrer nofollow">$373,000 in rewards</a> based on Bitcoin’s price that day after mining block 907,283.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-quantum-computer-threat-timeline-solutions-2024-2035/" rel="noopener noreferrer nofollow">Bitcoin vs. the quantum computer threat — Timeline and solutions (2025–2035)</a>

Canaan shares surge after 50,000-rig Bitcoin mining deal

Table of Contents

Cointelegraph

Other articles published on Oct 2, 2025

Join our free newsletter for daily crypto updates!