Canaan Launches Eco-Friendly Mining Initiative, Boosting Shares by 40% Translation: Canaan Launches Eco-Friendly Mining Initiative, Boosting Shares by 40%

Shares of ASIC miner manufacturer Canaan surged by 40%. This increase came after the announcement of a new initiative, in which the company will start converting associated petroleum gas (APG) into electricity for mining and AI workloads.

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

Canaan’s CEO, Nangeng Zhang, stated that the project will clearly demonstrate the potential for transforming previously unutilized resources into productive energy for distributed AI infrastructure.

At the close of trading on October 13, the company’s shares were priced at $1.52, marking a daily increase of 40.09%.

The adaptation of Bitcoin mining infrastructure for artificial intelligence needs is gaining traction. At the end of August, IREN invested $193 million in AI computing.

In October, Galaxy Digital raised $460 million to convert the former Helios data center for cryptocurrency mining into an AI services facility.

Morgan Stanley analysts believe that mining companies offer businesses working with neural networks the fastest and least risky way to access electricity.

Public mining companies have seen stock gains following a recent cryptocurrency market downturn. On October 10, U.S. President Donald Trump announced a 100% tariff on Chinese imports, prompting sell-offs affecting companies focused on Bitcoin mining.

The rally was led by Bitfarms and Cipher Mining, whose stocks jumped by 28% and 19.8%, respectively. Shares of Hut 8, IREN, and MARA increased by over 4%.

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

_»Don’t worry about China, everything will be fine! The highly respected President Xi has just gone through a rough patch. He doesn’t want the country to fall into a recession, and neither do I. The U.S. intends to help China, not harm it.»_

Later, U.S. Treasury Secretary Scott Massett explained that the proposed 100% tariffs on Chinese goods «may not be implemented,» as reported by Fox Business.

Recall that at the end of September, the mining company TeraWulf announced its intention to raise around $3 billion to build data centers.