Canaan Inc. introduced Wednesday that subsidiaries have signed agreements to increase self-mining operations at services 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. Many of the 4.7 EH/s hashrate is predicted to be operational by Q2 2025, in response to the announcement.
Canaan CEO Nangeng Zhang acknowledged the partnerships align with the corporate’s technique to develop its U.S. presence by self-mining and and bitcoin mining gear gross sales. He cited supportive regulatory insurance policies as a think about concentrating on North American growth.
“The U.S. has regulatory insurance policies that assist our firm’s ambitions, and we imagine that we can discover further partnerships and websites that can assist us to extend our presence within the U.S. by self-mining actions and supply us with further alternatives for mining machine gross sales,” the Canaan government mentioned.
Mawson Infrastructure CEO Rahul Mewawalla emphasised the collaboration’s give attention to integrating Canaan’s {hardware} with Mawson’s infrastructure. The Texas facility’s operator was not named within the launch.
The agreements observe 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 services.
Canaan, a Nasdaq-listed bitcoin mining {hardware} producer, has more and more prioritized self-mining income. The growth comes amid broader trade efforts to capitalize on U.S. power markets and regulatory stability for the reason that Trump administration took over.
