Canaan Boosts North American Mining Strategy with New Deals
Canaan Inc. announced Wednesday that its subsidiaries have signed agreements to expand their self-run mining operations at facilities in Pennsylvania and Texas, with plans to add approximately 4.7 exahashes per second (EH/s) to the company’s total computing power.
Canaan Targets Growth in the United States with New Mining Deals in Pennsylvania and Texas
Canaan Inc. (Nasdaq: CAN), a leading bitcoin mining hardware manufacturer, has signed a three-year partnership agreement with Mawson Hosting LLC, a subsidiary of Mawson Infrastructure Group, for a mining facility in Midland, Pennsylvania. Additionally, Canaan has signed a separate 24-month hosting agreement for a mining site in Edna, Texas. Most of the 4.7 EH/s hash rate will be operational by Q2 2025, according to an official announcement from the company.
Canaan CEO Nangeng Zhang stressed that the deals are in line with the company's expansion strategy to increase its presence in the US market through self-mining and sales of bitcoin mining equipment. He also cited favorable regulatory policies in the US as a key factor driving the expansion in North America.
"We see the US as having policies that support the company's expansion ambitions and believe we can find more partners and new locations to increase our presence in the US through self-run mining operations and create more opportunities to sell mining equipment," Zhang said.
Mawson Infrastructure CEO Rahul Mewawalla also stressed that the partnership will focus on integrating Canaan’s hardware into Mawson’s infrastructure. However, the name of the Texas facility operator was not disclosed in the announcement.
The agreements follow a thorough evaluation of suitable locations for expansion. Canaan did not disclose specific financial terms or energy costs for the new facilities.
Canaan, a Nasdaq-listed bitcoin mining hardware maker, has shifted its focus more heavily on revenue from its self-run mining operations. The expansion comes as the global mining industry seeks to capitalize on the U.S. energy market and regulatory stability since the Trump administration took office.