Canaan Inc. Expands Self-Mining Footprint in North America

Core Insights - Canaan Inc. has signed agreements to enhance its self-mining capabilities through partnerships in Pennsylvania and Texas, expected to add approximately 4.7 EH/s of hashrate [1][2] - The majority of the new hashrate is anticipated to be operational by the second quarter of 2025 [2] - The partnerships align with Canaan's strategy to optimize digital infrastructure and enhance compute management capabilities [3] Company Overview - Canaan Inc. is a technology company established in 2013, focusing on ASIC high-performance computing chip design, research and development, production, and software services [4] - The company is recognized for shipping the world's first batch of ASIC-based mining machines for Bitcoin under the Avalon brand [4] - Canaan went public on the Nasdaq Global Market in 2019 [4] Partnership Details - A three-year master colocation agreement has been established with Mawson Hosting LLC for a facility in Midland, Pennsylvania [2] - Additionally, a 24-month equipment hosting agreement has been signed for a facility in Edna, Texas [2] - The partnerships are expected to create long-term value for both Canaan and Mawson, benefiting the overall ecosystem [3] Strategic Goals - Canaan's management has been actively evaluating mining sites across North America to identify self-mining and partnership opportunities [3] - The company believes that the regulatory environment in the U.S. supports its ambitions and will facilitate further partnerships and site acquisitions [3] - Canaan aims to increase its presence in the U.S. through self-mining activities and enhance opportunities for mining machine sales [3]