New Mining Partnerships to Add ~4.7 EH/s
Canaan Inc. has made significant strides in enhancing its self-mining capabilities through newly formed partnerships in the United States. The company, which is publicly traded on NASDAQ under the ticker CAN, announced agreements that will bolster its mining operations at facilities located in Pennsylvania and Texas. Specifically, Canaan’s subsidiaries have entered into a three-year master colocation arrangement with Mawson Hosting LLC, part of Mawson Infrastructure Group Inc., for a site in Midland, Pennsylvania. In addition, a 24-month equipment hosting contract has been secured for another facility in Edna, Texas. Collectively, these agreements are expected to contribute approximately 4.7 EH/s (exahashes per second) to Canaan’s self-mining computing power, with most of this capacity anticipated to be operational by the second quarter of 2025.
Self-Mining Energization Expected in Coming Months
Nangeng Zhang, Canaan’s chairman and CEO, expressed enthusiasm about the new partnerships, noting that the company has been meticulously exploring potential mining sites across North America to identify self-mining and collaboration opportunities that align with its strategic objectives. Zhang emphasized that the regulatory environment in the U.S. is conducive to the company’s goals, suggesting that further partnerships and mining sites could be on the horizon to enhance its footprint in the country. This expansion is also expected to create additional opportunities for the sales of mining machines.
Strategic Partnership with Mawson Infrastructure Group
Rahul Mewawalla, the CEO and president of Mawson Infrastructure Group Inc., shared his excitement regarding the collaboration with Canaan, highlighting that the partnership fits well within their strategy of optimizing digital infrastructure and computational management. By merging Canaan’s advanced mining technology with Mawson’s innovative infrastructure, both companies anticipate generating substantial long-term value that will not only benefit their operations but also contribute positively to the broader cryptocurrency ecosystem.
About Canaan Inc.
Founded in 2013, Canaan Inc. specializes in designing high-performance ASIC (Application-Specific Integrated Circuit) chips, along with various computing equipment and software services. With a strong foundation in chip design and production, Canaan gained recognition in the cryptocurrency space by launching the world’s first ASIC-based mining machines for Bitcoin under the Avalon brand. The company went public on the Nasdaq Global Market in 2019, marking a significant milestone in its growth trajectory.
Safe Harbor Statement
This announcement contains forward-looking statements as defined by the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can be observed through language such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” and “estimates.” Additionally, Canaan’s projected financing plans and the intended use of proceeds are included in these forward-looking statements. The company may also present similar statements in its periodic filings with the U.S. Securities and Exchange Commission (SEC) and other communications. It is important to note that forward-looking statements carry inherent risks and uncertainties, and actual outcomes may differ significantly due to various factors including the company’s strategic objectives, financial health, market dynamics, and regulatory conditions. For further details on these risks, please refer to the company’s SEC filings. Canaan Inc. does not assume any obligation to update these forward-looking statements unless legally mandated.
