Canaan expands self-mining footprint in Texas, Pennsylvania

Canaan (CAN) announced that its wholly owned subsidiary, Beet Digital, has entered into a strategic joint mining agreement with Luna Squares Texas, a West Texas Bitcoin mining firm, to collaborate on mining activities at LS Texas’ mining site. The agreement is part of the company’s plan to reach 10 exahash per second capacity in North America by mid-2025. Under the agreement, each party will be allocated a portion of the BTC revenue less electricity, maintenance, and operating costs. For revenue generated from Canaan’s Avalon A14 Series, each party will receive 50%. For revenue generated from any Avalon A15 Series deployed to the site, to accelerate recovery of Canaan’s capital costs, Canaan will be allocated 70% and LS Texas will receive 30%. After Canaan has recovered the capital cost of the machines, each party will again receive 50%.