Canaan rises 4% after securing Bitcoin mining partnership with Luna Squares Texas

Crypto firm Canaan teamed up with a West Texas Bitcoin mining firm to boost its operations in Texas, expanding its North American footprint.

Canaan’s chairman and chief executive Nangeng Zhang highlighted the firm’s continued expansion in North America, saying the collaboration “will foster mutually beneficial relationships and contribute to industry stability.”

As part of the collaboration, the Willow Wells site, which is managed by LS Texas’ staff and is expected to be energized by the first quarter of 2025, will house a combination of 3,480 Avalon A14 and 5,664 Avalon A15 machines, providing about 1.62 EH/s of computing power once fully operational. Following the collaboration announcement, Canaan shares jumped 3.77% on pre-market trading, according to Nasdaq data.