Canaan Unveils Eco-Friendly Mining Solution, Shares Surge by 40%

Bitcoin-focused firms' shares rose after the recent market crash.

Shares of ASIC miner manufacturer Canaan soared by 40% following the announcement of a new project to convert APG into electricity for mining and AI workloads.

Big milestone for Canaan!

We’ve officially launched a gas-to-compute pilot in Calgary, Canada — turning stranded & flared gas into clean energy for Bitcoin mining and AI computing.

— 700 Avalon A15 Pro miners
— 2.5MW capacity
— 12–14K tons CO₂ reduced annually
— 90% uptime…

— Canaan Inc. (@canaanio) October 13, 2025

In collaboration with Aurora AZ Energy, the firm will deploy Avalon A15 Pro devices worth $2 million to generate 2.5 MW of power at gas fields. The modular installation is expected to reduce carbon dioxide emissions by 12,000-14,000 metric tons annually.

Canaan CEO Nangeng Zhang stated that the project will vividly demonstrate the potential to transform previously unutilized resources into productive energy for distributed AI infrastructure.

By the close of trading on October 13, the company’s shares were trading at $1.52, marking a 40.09% increase over the day.

Ubiquitous AI

Modifying Bitcoin mining infrastructure to meet AI needs is becoming increasingly popular. At the end of August, Bitcoin miner IREN invested $193 million in AI computing.

In October, Galaxy Digital raised $460 million to convert the former Helios mining data center into a facility for AI segment servicing.

Analysts at Morgan Stanley believe that mining companies provide the fastest and least risky way for firms working with neural networks to access electricity.

Morgan Stanley: “We continue to believe that Bitcoin sites offer AI players the fastest time to power with the lowest execution risk, and believe this will increasingly be valued/recognized.”

MS analysts raise their “per watt” value creation estimates after meeting mgmt teams. pic.twitter.com/m7X08FfWN7

— matthew sigel, recovering CFA (@matthew_sigel) October 13, 2025

Recovery

Shares of public mining companies have risen following the recent cryptocurrency market crash. On October 10, U.S. President Donald Trump announced 100% tariffs on Chinese imports. The sell-off affected stocks of firms focused on Bitcoin mining.

The rally was led by Bitfarms and Cipher Mining, whose shares jumped by 28% and 19.8% respectively. Shares of Hut 8, IREN, and MARA rose by more than 4%.

The recovery was aided by Trump’s softened stance. On October 12, he wrote:

“Don’t worry about China, they’ll be fine! The highly respected President Xi just had an unpleasant moment. He doesn’t want the country to fall into depression, and neither do I. The U.S. intends to help China, not harm it.”

Later, U.S. Treasury Secretary Scott Bessent explained that the proposed 100% tariffs on Chinese goods “may not be implemented,” reported Fox Business.

Back in late September, mining company TeraWulf announced plans to raise about $3 billion for data center construction.