Canaan (CAN) Growth Momentum Strengthens Following 3.0 MW Proof-of-Concept Project Announcement

Canaan Inc. (NASDAQ:CAN) is included in our list of the stocks under $1 that will explode.

Canaan (CAN) Growth Momentum Strengthens Following 3.0 MW Proof-of-Concept Project Announcement

On January 6, 2026, Canaan Inc. (NASDAQ:CAN) announced a 3.0 MW proof-of-concept (PoC) project with Bitforest Investment in Manitoba, Canada. The move is a strategic step to monetize waste heat from crypto mining through agricultural applications. The 24-month pilot will see the company deploy 360 Avalon A1566HA-460T liquid-cooled servers and four cooling modules. Meanwhile, recovered heat will be used to preheat water for greenhouse operations. According to management projections, approximately 90% of the electricity consumed by the computing servers could potentially be captured and reused, with a targeted 95% uptime.

The development bolsters the company’s growth narrative by helping Canaan Inc. (NASDAQ:CAN) reposition high-density computing as an energy-efficient infrastructure asset rather than a pure bitcoin-mining cost center. The project’s highlighted features include a low all-in power cost of $0.035 per kWh, elimination of the need for industrial cooling towers, and potential upside through shared economics if surplus power is sold back to the grid. Furthermore, the project could be extended in the long term by replicating it across colder regions facing carbon pricing pressures.

Canaan Inc. (NASDAQ:CAN) is focused on the development and sale of Bitcoin mining machines and related services.

While we acknowledge the potential of CAN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CAN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 7 Best Rising Tech Stocks to Buy Now and 12 Best Multibagger Stocks to Buy Heading into 2026.

Disclosure: None.