Canaan included 4.96 exahashes per second (EH/s) linked to paused mining operations in Ethiopia within its reported global operating computing power of 14.24 EH/s for July.
The figure means almost 35% of the company’s reported operating total came from a country where Canaan did not confirm how much mining capacity was actively hashing at the end of the month.
Removing Ethiopia’s 4.96 EH/s from the rounded global figure leaves 9.28 EH/s. However, that should not be regarded as an adjusted live total because Canaan’s definition of operating computing power is broader than a real-time measurement of machines producing cryptocurrency.
Canaan defines operating computing power as the theoretical output of energised mining machines, assuming they are all operating. The measure can therefore include machines that are temporarily offline and applies to the company’s operations outside its joint ventures.
In its July table, Canaan allocated the full 4.96 EH/s connected to two Ethiopian projects to both the operating and installed-capacity columns. A footnote then stated that the company had paused its mining operations in Ethiopia, while continuing to include the same hashrate in installed capacity.
The filing did not explain whether the machines remained energised, nor did it disclose how much of the Ethiopian capacity, if any, was hashing on 31 July.
The figures also differ from the company’s June disclosure. At 30 June, Canaan reported only 0.36 EH/s of operating computing power in Ethiopia, compared with 4.96 EH/s of installed capacity.
Canaan said the earlier reduction was mainly caused by one mining site being taken temporarily offline from the middle of June because of maintenance on the local power grid. In July, the table once again placed Ethiopia’s entire 4.96 EH/s in the operating column, even though a new footnote described the country’s mining operations as paused.
Those disclosures do not show whether the July pause had the same cause as the June reduction or whether Canaan still regarded the interruption as temporary. They do, however, underline why subtracting Ethiopia from the global figure cannot produce a definitive live-capacity estimate: the published documents set out classifications rather than actual operating readings.
The distinction is also important when comparing capacity with production. Canaan reported mining 46 BTC in July and said it held 1,917 BTC and 3,952 ETH at the end of the month. Those production figures do not cover every project listed in the company’s global capacity table.
Canaan reports separate figures for its 49%-owned Alborz, Bear and Chief Mountain joint ventures in West Texas. The company says production from those ventures is excluded from its Bitcoin output and average all-in power-cost calculations, although joint-venture capacity is included in the global projects table.
As a result, Canaan’s reported 14.24 EH/s is best understood as operating capacity under the company’s theoretical definition, rather than a confirmed measure of machines actively mining at month-end.
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