Canaan Inc. (CAN), a leading provider of supercomputing solutions, saw its stock soar 10.90% in pre-market trading on Monday, outperforming the broader crypto sector. This significant surge can be attributed to a combination of company-specific news and overall market trends.

The company announced the launch of a pilot mining project in Calgary, Canada, in partnership with Aurora Energy Ltd. This innovative initiative aims to convert flared natural gas into low-cost power for high-density computing applications, including bitcoin mining and AI workloads. Notably, the project is expected to reduce annual CO₂-equivalent emissions by approximately 12,000 to 14,000 metric tons, showcasing Canaan's commitment to sustainable mining practices.

Adding to the positive momentum, the broader cryptocurrency market is experiencing a robust recovery following a tumultuous weekend selloff. This rebound is largely attributed to easing trade tensions between the US and China, with recent statements from high-ranking officials signaling openness to a deal. As a result, the total crypto market value has risen more than 6%, exceeding $4 trillion. This favorable market environment has led to a jump in crypto-related stocks, with Canaan being one of the top performers.