13 Best Penny Stocks Under $1 to Buy Right Now

8. Canaan Inc. (NASDAQ:CAN)

Canaan Inc. (NASDAQ:CAN) is one of the best penny stocks under $1 to buy right now. On February 23, Canaan significantly expanded its North American footprint by acquiring Cipher Mining’s 49% equity interest in three West Texas mining projects, collectively known as the ‘ABC Projects.’ This all-stock transaction, valued at ~$39.75 million, was funded by issuing over 800 million Class A ordinary shares to Cipher, making them a significant shareholder in Canaan.

The deal also includes the acquisition of 6,840 Avalon A15Pro mining rigs, which were previously deployed at a Cipher site now transitioning into an AI-HPC data center. The acquired assets provide Canaan with access to 120 MW of operational power capacity and an operating hashrate of ~4.4 EH/s. Located in the competitive ERCOT market, these sites benefit from exceptionally low power costs, averaging sub-3 cents/kWh, through long-term grid contracts and off-grid wind power integration.

By partnering with WindHQ, which retains a 51% stake, Canaan Inc. (NASDAQ:CAN) integrates its proprietary ASIC technology with localized expertise in energy infrastructure and grid stabilization. This acquisition marks a strategic shift for Canaan toward a systematic, asset-heavy energy model centered on direct US power applications.

Canaan Inc. (NASDAQ:CAN) researches, develops, designs, and sells ICs, as well as leases final mining equipment by integrating IC products for bitcoin mining and related components in the People’s Republic of China.