Canaan Inc., a leading provider of high-performance computing solutions, has announced a significant expansion of its self-mining operations in North America.

The company aims to achieve a capacity of 10 exahashes per second (EH/s) by mid-2025, focusing on strategic partnerships in Texas and Pennsylvania.

In Texas, Canaan’s subsidiary, Beet Digital LLC, has entered into a joint mining agreement with Luna Squares Texas LLC, a Bitcoin mining firm based in West Texas.

The collaboration involves the installation of approximately 3,480 Avalon A14 series mining machines and 5,664 Avalon A15 series machines at a 30-megawatt (MW) site in Willow Wells.

The site is expected to be operational by the first quarter of 2025, contributing approximately 1.62 EH/s to Canaan’s computing power.

In Pennsylvania, Cantaloupe Digital LLC, another wholly owned subsidiary of Canaan, has amended its hosting agreement with Stronghold Digital Mining Hosting LLC.

The agreement includes the delivery of 4,000 Avalon A14 series mining machines to replace older models at Stronghold’s Panther Creek facility. This upgrade is anticipated to be fully operational by December 31, 2024, resulting in a combined computing power of 0.9 EH/s.

Nangeng Zhang, chairman and CEO of Canaan, emphasized the company’s commitment to strengthening its mining presence in North America through these collaborations. He stated that such partnerships are expected to foster mutually beneficial relationships and contribute to industry stability.

Jeff Xu, chief operating officer of Luna Squares Texas, expressed enthusiasm about the joint mining program, highlighting the significant Bitcoin upside compared to previous models. He noted that extensive testing of the Avalon A14 and A15 models under extreme conditions demonstrated their consistency and efficiency.

These strategic expansions underscore Canaan’s dedication to innovation and collaboration in the cryptocurrency mining sector, positioning the company as a key player in the North American market.

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