Bitcoin mining hardware manufacturer Canaan Inc. (NASDAQ:CAN) stock jumped over 40% Monday, closing at $1.52 on double its average trading volume, following its announcement of a gas-to-compute pilot in Alberta, Canada.
The pilot project, developed with Calgary-based Aurora AZ Energy, is designed to convert “distributed natural gas resources” into “reliable, cost-efficient power for high-density computing environments,” according to a statement.
Distributed natural gas resources are small or remote gas sites that can be used locally to generate power instead of sending the gas to power plants. When used for Bitcoin mining, such a resource could provide cheaper and more reliable off-grid power.
Canaan’s stock jumped following the announcement, rising more than 40% to close at $1.52 on Monday, according to Google Finance.
Historical data from Nasdaq shows Canaan traded about 72.3 million shares on Monday, up from its 30.8 million monthly average. The recorded volume was one of the company’s highest, more than double its typical trading levels seen throughout 2025.
Canaan claims its proposed setup could cut as much as 14,000 tons of carbon emissions each year by using gas that would otherwise be flared.
The pilot aims to test whether small, modular systems can reliably power Bitcoin mining and AI computing at lower cost, though the company has not yet released performance data.
Decrypt reached out to Canaan for comment on its emissions-reduction claim and the performance targets for the Alberta gas-to-compute pilot.
Earlier this month, Canaan secured a 50,000-unit Avalon A15 Pro order from a U.S. mining customer. It was the company’s largest sale in three years and showed renewed demand for its latest hardware.
Canaan’s stock rally reflects a wider rebound in Bitcoin mining stocks as investors return to crypto infrastructure plays.
Companies such as Marathon Digital, CleanSpark, and Bitdeer have outperformed Bitcoin in October, lifted by the asset’s rise toward record highs and stronger demand for energy-efficient operations.
At the time of writing, Bitcoin is trading at about $114,700 per CoinGecko data, after suffering a sharp “Black Friday” crash over the weekend that triggered over $19 billion in liquidations across the crypto market.
