Canaan Signs US Hosting Deals to Boost Bitcoin Hashrate by 4.7 EH/s

Bitcoin mining hardware manufacturer Canaan has signed two new hosting agreements with U.S.-based partners to expand its proprietary hashrate by 4.7 EH/s in North America.

In a statement released Wednesday, Canaan said it entered a three-year colocation deal with Mawson Infrastructure Group for its facility in Midland, Pennsylvania. According to Mawson, the agreement includes about 64 megawatts of capacity to energize 17,453 units of Canaan’s latest-generation miners.

Separately, Canaan finalized a 24-month hosting agreement with an undisclosed partner for a site in Edna, Texas. Combined, the two deals are expected to contribute around 4.7 EH/s to Canaan’s North American hashrate, with most of the capacity slated for deployment by the second quarter of 2025.

Canaan CEO Nangeng Zhang said the company spent months evaluating potential sites in the U.S. before selecting partners that align with its long-term strategy.

“The U.S. has regulatory policies that support our company’s ambitions,” Zhang said. “We believe we will continue to find new partnerships and sites to grow our U.S. presence.”

In its latest earnings report, Canaan reported a direct Bitcoin production cost of $48,038 per BTC in Q4, implying a hashcost of $31.4 per PH/s.

The company generated $73.5 million in product revenue last quarter by selling 9.1 EH/s of ASIC computing power, suggesting an average selling price of roughly $8 per TH/s.