Canaan Advances North American Mining Strategy via New Agreements

Canaan Inc. announced Wednesday that subsidiaries have signed agreements to expand self-mining operations at facilities in Pennsylvania and Texas, adding approximately 4.7 exahash per second (EH/s) to its computing power.

Canaan Eyes U.S. Growth with Pennsylvania, Texas Mining Sites

Canaan (Nasdaq: CAN) entered a three-year colocation agreement with Mawson Infrastructure Group affiliate Mawson Hosting LLC for a Midland, Pennsylvania, facility. A separate 24-month hosting agreement covers a site in Edna, Texas. Most of the 4.7 EH/s hashrate is expected to be operational by Q2 2025, according to the announcement.

Canaan CEO Nangeng Zhang stated the partnerships align with the company’s strategy to grow its U.S. presence through self-mining and and bitcoin mining equipment sales. He cited supportive regulatory policies as a factor in targeting North American expansion.

“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. through self-mining activities and provide us with additional opportunities for mining machine sales,” the Canaan executive said.

Mawson Infrastructure CEO Rahul Mewawalla emphasized the collaboration’s focus on integrating Canaan’s hardware with Mawson’s infrastructure. The Texas facility’s operator was not named in the release.

The agreements follow months of site evaluations by Canaan, which seeks to leverage partnerships to scale operations. The company did not disclose financial terms or specific energy costs for the facilities.

Canaan, a Nasdaq-listed bitcoin mining hardware manufacturer, has increasingly prioritized self-mining revenue. The expansion comes amid broader industry efforts to capitalize on U.S. energy markets and regulatory stability since the Trump administration took over.