Canaan Inc. announced Wednesday that its subsidiary has signed an agreement to expand its self-recruitment work at its Pennsylvania and Texas facilities, adding around 4.7 Exahash (EH/S) to its computing power.
Canaan aims to grow the US with its Mining Site in Pennsylvania, Texas
Canaan (NASDAQ:CAN) has signed a three-year colocation agreement with Mawson Infrastructure Group Affiliate Mawson, which hosts the LLC at its Midlands, Pennsylvania facility. Another 24-month hosting agreement covers the site in Edna, Texas. The announcement shows that most of the 4.7 EH/S hashrate is expected to be operating by 2025 quarter.
Canaan CEO Nanangeng Zhang said the partnership is in line with the company’s strategy of increasing US presence through self-mining and selling Bitcoin mining equipment. He cited supportive regulatory policies as a factor that targets North American expansion.
“We believe that the US has regulatory policies that support our ambitions and we can find additional partnerships and sites that will help us to increase our presence in the US through self-recruitment activities and provide additional opportunities for mining machine sales,” a Canaan executive said.
Mawson Infrastructure CEO Rahul Mewawalla highlighted the collaboration’s focus on integrating Canaan hardware with Mawson’s infrastructure. Operators at the Texas facility are not named in the release.
The contract is looking to leverage partnerships to expand operations following a months-long site assessment by Canaan. The company did not disclose the facility’s financial conditions or specific energy costs.
Canaan, a Bitcoin mining hardware manufacturer registered with NASDAQ, is increasingly prioritizing self-employed revenue. This expansion comes amid a wider industry effort to harness the stability of the US energy market and regulatory market since the Trump administration took over.
