Canaan Expands North American Mining Operations, Boosts Hashrate by 4.7 EH/s

Canaan Inc., a leading entity in the cryptocurrency mining sector, has taken substantial steps to bolster its North American mining operations. The company revealed on Wednesday that its subsidiaries have secured agreements to bolster self-mining capabilities at facilities located in Pennsylvania and Texas. This strategic initiative is part of Canaan's broader plan to fortify its market presence in North America, a pivotal region for cryptocurrency mining activities.

The agreements encompass a three-year master colocation deal with Mawson Hosting LLC for a facility in Midland, Pennsylvania. Additionally, a 24-month equipment hosting agreement has been secured for a facility in Edna, Texas. These expansions are projected to augment Canaan’s self-mining computing power in North America by approximately 4.7 exahashes per second (EH/s), with the majority of this hashrate expected to be installed by the second quarter of 2025.

Canaan's recent financial performance highlights the significance of these expansions. In the fourth quarter of 2024, the company reported mining revenue of $15.3 million, reflecting a 312.5% year-over-year increase. During this period, Canaan mined 186 Bitcoins at an average revenue of $82,174 per Bitcoin. The company's total revenue for the quarter was $88.8 million, driven by the success of its A15 mining rigs and the expanded North American operations.

The strategic partnerships and facility expansions in Pennsylvania and Texas are anticipated to further enhance Canaan's mining capabilities and revenue streams. By increasing its hashrate and leveraging advanced technology, Canaan aims to solidify its position as a leading player in the global cryptocurrency mining landscape. The company's emphasis on self-mining operations not only improves its operational efficiency but also ensures a steady supply of cryptocurrency, which is vital for maintaining profitability in the volatile mining industry.