The announcement published on Wednesday says Canaan (Nasdaq: CAN) aims to reach a computing capacity of 10 exahash per second (EH/s) by mid-2025 through partnerships and infrastructure upgrades. In a deal with Luna Squares Texas LLC (LS Texas), Canaan’s subsidiary, Beet Digital LLC, intends to deploy Avalon A14 and A15 mining machines at a 30-megawatt (MW) site in Willow Wells, Texas.

The firm disclosed that revenue from bitcoin (BTC) generation will be divided under this arrangement: A14 machines will have an even split, while A15 machines will allocate 70% to Canaan until costs are recovered. The company added that operations are projected to start in early 2025, with the site contributing 1.62 EH/s of computing power.

The company’s ambitions are backed by $50 million in financing to bolster its North American operations. Recent efforts include partnerships with industry players Cleanspark and Hive, along with upgrades at a Pennsylvania site managed by Stronghold Digital Mining. Canaan explained it plans to deploy 6,000 Avalon A14 units at Stronghold’s Panther Creek facility by the end of this year, contributing 0.9 EH/s of hash rate.

Canaan CEO Nangeng Zhang described North America as a key market, stating, “The recent expansion of our self-mining activities across Texas and Pennsylvania underscores our commitment to strengthening our mining presence in North America.” The Texas project also benefits from lower electricity rates, reportedly averaging $40 per MW over the past year, according to LS Texas officials.

The Willow Wells facility is tied to a broader initiative, as LS Texas had acquired infrastructure from a public mining company in 2023. With an existing hosting capacity of 35 MW, the addition of Canaan’s machines is anticipated to enhance operational capabilities. LS Texas has promised a 96% uptime, citing confidence in Avalon machines and its own expertise.

Canaan also secured a follow-on order from Hive Digital Technologies (Nasdaq: HIVE) for 5,000 Avalon A15-194T miners, emphasizing Hive’s strategic expansion in bitcoin mining operations with ESG initiatives.

Canaan’s focused strategy highlights the increasing importance of geographic diversification and energy efficiency in BTC mining. By leveraging joint ventures and upgrading infrastructure, the company hopes to align with broader industry trends emphasizing scalability and resilience. As regulatory and market dynamics evolve, Canaan’s initiatives in the U.S. may position it to navigate emerging challenges while capitalizing on North America’s growing role in global bitcoin mining operations.

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