Canaan Inc., a leading high-performance computing solutions provider, has announced a strategic expansion of its self-mining operations in North America through a joint mining agreement with Luna Squares Texas LLC. The collaboration, aimed at enhancing Canaan's mining presence in the region, involves the installation of Avalon A14 and A15 series mining machines at LS Texas' site in Willow Wells, Texas. This move is part of Canaan's plan to achieve a 10 exahash per second capacity in North America by mid-2025. Under the agreement, revenue from the mining operations will be shared between Canaan and LS Texas, with an initial allocation favoring Canaan to recover capital costs. Canaan's recent $50 million preferred shares financing is being invested in digital mining...Show More

Canaan Inc., a leading high-performance computing solutions provider, has announced a strategic expansion of its self-mining operations in North America through a joint mining agreement with Luna Squares Texas LLC. The collaboration, aimed at enhancing Canaan's mining presence in the region, involves the installation of Avalon A14 and A15 series mining machines at LS Texas' site in Willow Wells, Texas. This move is part of Canaan's plan to achieve a 10 exahash per second capacity in North America by mid-2025. Under the agreement, revenue from the mining operations will be shared between Canaan and LS Texas, with an initial allocation favoring Canaan to recover capital costs. Canaan's recent $50 million preferred shares financing is being invested in digital mining sites and equipment across North America, including significant orders from CleanSpark and HIVE, a 30 megawatt joint mining initiative with LS Texas, and an upgrade of Canaan's fleet operated by Stronghold in Pennsylvania. The Willow Wells site, currently under construction, is expected to be operational by the first quarter of 2025, contributing approximately 1.62 EH/s of computing power. Additionally, Canaan's subsidiary, Cantaloupe Digital LLC, has amended its hosting agreement with Stronghold Digital Mining Hosting, LLC to deliver 4,000 Avalon A14 series mining machines to Stronghold's Panther Creek facility, with full operation expected by December 31, 2024.