Canaan Lands 8 MW Nordic Heating Deal Despite $88.7M Q1 Loss

Canaan secured an 8 MW hash-to-heat contract on May 26, deploying 920 hydro-cooled Avalon miners to supply hot water for roughly 2,800 Nordic homes. The win follows an initial 2 MW phase already operating since May and a March order for the remaining 6 MW. Earlier in the period, Soluna completed full ownership of its 50 MW Dorothy 1 complex for $8.8 million while Alps Blockchain revived a 127 MW Bolivian thermal plant now running at 27 MW and 1.23 EH/s. These moves highlight miners’ pivot toward integrated energy and compute models amid compressed margins.