Canaan, a crypto firm specializing in Bitcoin mining, has partnered with Luna Squares Texas, a Bitcoin mining firm in West Texas, to expand its operations in North America. The collaboration aims to increase Canaan's mining capacity to 10 EH/s by mid-2025. Under the agreement, both companies will share Bitcoin revenue from Canaan's Avalon mining machines, with the revenue split varying depending on the machine model. Canaan's chairman and CEO, Nangeng Zhang, emphasized the company's ongoing expansion in North America and the positive impact the collaboration will have on the industry. The partnership will include the establishment of a mining site in Willow Wells, Texas, which will house thousands of Avalon machines and provide significant computing power. The announcement of the collaboration led to an increase in Canaan's shares.



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