Canaan Inc. introduced Wednesday that subsidiaries have signed agreements to increase self-mining operations at amenities in Pennsylvania and Texas, including roughly 4.7 exahash per second (EH/s) to its computing energy.
Canaan Eyes U.S. Development with Pennsylvania, Texas Mining Websites
Canaan (Nasdaq: CAN) entered a three-year colocation settlement with Mawson Infrastructure Group affiliate Mawson Internet hosting LLC for a Midland, Pennsylvania, facility. A separate 24-month internet hosting settlement covers a website in Edna, Texas. A lot of the 4.7 EH/s hashrate is anticipated to be operational by Q2 2025, based on the announcement.
Canaan CEO Nangeng Zhang said the partnerships align with the corporate’s technique to develop its U.S. presence by way of self-mining and and bitcoin mining tools gross sales. He cited supportive regulatory insurance policies as a consider concentrating on North American enlargement.
“The U.S. has regulatory insurance policies that help our firm’s ambitions, and we imagine that we can discover further partnerships and websites that may assist us to extend our presence within the U.S. by way of self-mining actions and supply us with further alternatives for mining machine gross sales,” the Canaan govt stated.
Mawson Infrastructure CEO Rahul Mewawalla emphasised the collaboration’s deal with integrating Canaan’s {hardware} with Mawson’s infrastructure. The Texas facility’s operator was not named within the launch.
The agreements comply with months of website evaluations by Canaan, which seeks to leverage partnerships to scale operations. The corporate didn’t disclose monetary phrases or particular power prices for the amenities.
Canaan, a Nasdaq-listed bitcoin mining {hardware} producer, has more and more prioritized self-mining income. The enlargement comes amid broader trade efforts to capitalize on U.S. power markets and regulatory stability for the reason that Trump administration took over.
