Canaan Inc. said Wednesday that its subsidiaries have signed contracts to expand their mining operations at sites in Pennsylvania and Texas, adding approximately 4.7 exahashes per second (EH/s) to its computing power.

Canaan sees growth in the US from mining operations in Pennsylvania and Texas

Canaan (Nasdaq: CAN) has entered into a three-year hosting contract with Mawson Hosting LLC, a division of Mawson Infrastructure Group, for a facility in Midland, Pennsylvania. Another 24-month hosting agreement is for a site in Edna, Texas. The bulk of the 4.7 EH/s hashrate is expected to be operational by the second quarter of 2025, according to the statement.

Canaan CEO Nangeng Zhang noted that the partnership is in line with the company's strategy to increase its presence in the U.S. through its own mining operations and sales of bitcoin mining equipment. He pointed to supportive regulatory policies as a factor in its expansion in North America.

“The U.S. has a regulatory environment that supports our company’s ambitions, and we are confident that we can find additional partnerships and platforms that will help us expand our presence in the U.S. through independent mining and create new opportunities for mining hardware sales,” Canaan’s CEO said.

Mawson Infrastructure CEO Rahul Mevawalla said the collaboration is aimed at integrating Canaan equipment with Mawson infrastructure. The operator of the Texas facility was not named in the press release.

The agreements are the result of months of site evaluations by Canaan, which is looking to use the partnerships to scale its operations. The company does not disclose financial details or specific energy costs for its facilities.

Nasdaq-listed Bitcoin mining maker Canaan is increasingly focusing on revenue from its own mining operations. The expansion comes amid a broader industry-wide effort to take advantage of opportunities in U.S. energy markets and regulatory stability following the Trump administration.

Source: cryptonews.net