Canaan to supply Bitcoin miners to Japanese power company

Nasdaq-listed mining firm Canaan, which has Chinese roots, has signed a contract to supply Bitcoin mining rigs to a Japanese power company for research into grid stability. According to The Block, Canaan did not disclose the name of its partner. The development comes after Japan's largest utility, Tokyo Electric Power Company, began testing Bitcoin mining in 2024 through a subsidiary to utilize surplus renewable energy. Matthew Sigel, Head of Digital Assets at VanEck, interpreted the move as a sign that Bitcoin mining is effectively being incorporated into Japan's national infrastructure.