Canaan Includes Paused Ethiopia Mining in July Hashrate Report

Canaan recently released its July mining update, showing a total operating power of 14.24 exahashes per second. However, a closer look at the numbers shows that nearly 35% of that total came from mining sites in Ethiopia that were actually paused. This means about 4.96 EH/s included in the report was not actively mining at the end of the month.

The company explained its reporting method in a footnote, noting that operating computing power refers to the theoretical output of machines that are powered up. According to Canaan, this metric includes hardware that might be temporarily offline. Even though the Ethiopia operations were listed as paused, the company still counted them toward its global total.

This is a big jump from June, when Canaan only reported a small fraction of operating power from Ethiopia due to local grid maintenance. While the machines are back in the operating column for July, it is still unclear if they were actually hashing by the end of the month. The move highlights how different mining firms use various definitions to report their network strength.

Despite the confusion over hashrate, Canaan still managed to mine 46 BTC during July. The company is also sitting on a significant treasury, holding 1,917 BTC and 3,952 ETH. Investors should keep an eye on these technical definitions as the company continues to manage its global mining footprint.