Canaan Stock Soars 40% on Flared Gas Mining Pilot — Ends Six-Day Losing Streak
TradingKey – Canaan (CAN) rebounds sharply after announcing a 2.5MW pilot project converting flared gas into mining power.
On Monday, mining hardware firm Canaan Inc. (CAN) saw its stock surge 39.45%, closing at $1.52 and snapping a six-session losing streak. The rally nearly erased losses accumulated since October 2, with price action showing a textbook neckline retest and signaling a strong bullish reversal.
Canaan Stock Price Chart – Source: TradingView
The catalyst: Canaan revealed a strategic partnership with Aurora AZ Energy Ltd. to launch a 2.5-megawatt pilot program that repurposes flared or idle natural gas into electricity for Bitcoin mining and AI infrastructure. This move aligns with growing industry interest in sustainable energy solutions and decentralized compute.
Despite the sharp rebound, CAN stock remains down over 90% from its 2021 peak of $40. However, the company is actively pivoting its strategy — transitioning from traditional mining operations to AI data center development, a shift that could help narrow the gap with its former highs and attract new investor interest.
Canaan’s ability to capitalize on stranded energy and integrate AI workloads may position it as a next-generation infrastructure play in both crypto and machine learning sectors.
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