Canaan Advances North American Mining Strategy with New Agreements

Canaan Inc. said Wednesday that its subsidiaries have signed agreements to expand their self-service mining operations to sites in Pennsylvania and Texas, adding about 4.7 exahashes per second (EH/s) to their computing power.

Canaan sees growth in the US from mining operations in Pennsylvania and Texas

Canaan (Nasdaq: CAN) has signed a three-year hosting agreement with Mawson Hosting LLC, a subsidiary of Mawson Infrastructure Group, for a facility in Midland, Pennsylvania. A separate 24-month hosting agreement covers a site in Edna, Texas. The bulk of the 4.7 EH/s hashrate is expected to be operational by the second quarter of 2025, according to a statement from the company.

Canaan CEO Nangeng Zhang noted that the partnership is in line with the company’s strategy to increase its presence in the U.S. through self-mining and sales of bitcoin mining equipment. He pointed to supportive regulatory policies as an important factor in facilitating expansion in North America.

“The U.S. has a regulatory environment that supports our ambitions. We are confident that we can find additional partnerships and platforms that will allow us to expand our footprint in the U.S. through independent mining operations and provide new opportunities for the distribution of mining equipment,” Canaan’s CEO said.

Mawson Infrastructure CEO Rahul Mevawalla emphasized that the collaboration is aimed at integrating Canaan equipment with Mawson infrastructure. The operator of the Texas facility was not named in the press release.

The agreements follow months of site evaluations by Canaan, which is looking to use the partnerships to scale its operations. The company does not disclose financial terms or specific energy costs for the sites.

Nasdaq-listed Bitcoin mining maker Canaan is increasingly focusing on revenue from its own mining operations. The expansion comes amid a broader industry push to capitalize on U.S. energy markets and regulatory stability since the Trump administration.

Source: cryptonews.net