Canaan expands U.S. mining with 4.7 EH/s agreements

Canaan Inc. has secured partnerships to boost its North American mining operations, adding approximately 4.7 exahash per second (EH/s) of computing power through agreements in Pennsylvania and Texas.

The deals include a three-year colocation agreement with Mawson Hosting LLC for a facility in Midland, Pennsylvania, and a 24-month hosting contract for a site in Edna, Texas.

Most of the new hashrate is expected to be operational by Q2 2025, aligning with Canaan’s strategy to grow its U.S. footprint through self-mining and hardware sales.

“The U.S. has regulatory policies that support our company’s ambitions, and we believe that we will be able to find additional partnerships and sites that will help us to increase our presence in the U.S.,” CEO Nangeng Zhang emphasised, highlighting regulatory support as a key driver.

The expansion follows months of site evaluations by Canaan, which aims to scale operations via partnerships.

Mawson Infrastructure CEO Rahul Mewawalla highlighted the collaboration’s focus on integrating Canaan’s mining hardware with Mawson’s infrastructure.

While the Texas facility’s operator remains unnamed, the agreements reflect broader industry efforts to leverage U.S. energy markets and regulatory stability under the Trump administration.

Canaan, a Nasdaq-listed manufacturer of Bitcoin (CRYPTO:BTC) mining equipment, has increasingly prioritised self-mining revenue.

The company did not disclose financial terms or energy costs for the facilities, though the move underscores its commitment to capitalising on North American opportunities.

The expansion aligns with trends of mining firms targeting regions with favorable energy policies and infrastructure.

Canaan’s partnerships highlight the role of strategic alliances in scaling operations, though challenges like energy costs and market volatility remain considerations.

For now, the agreements position Canaan to strengthen its U.S. presence, balancing hardware sales with self-mining growth.

The company’s focus on regulatory stability and infrastructure integration underscores its long-term strategy in the competitive mining sector.