As a seasoned crypto investor with over a decade of experience under my belt, I find this partnership between Canaan and Luna Squares Texas to be quite promising. Having witnessed numerous ups and downs in the cryptocurrency market, I can say that strategic collaborations like these are crucial for long-term growth and sustainability.
Canaan, a company specializing in crypto, has partnered with a Bitcoin mining business based in West Texas to strengthen its activities within Texas. This collaboration broadens Canaan’s influence across North America.
In simpler terms, the Bitcoin mining company Canaan has teamed up with Luna Squares Texas, a cryptocurrency mining firm based in Texas, to jointly mine Bitcoins. This partnership is part of Canaan’s plan to boost its mining capacity to 10 exahash per second (EH/s) by mid-2025.
According to a statement made on November 20th, both companies involved in this agreement will jointly earn Bitcoin income generated by Canaan’s Avalon mining machines. The specifics of the revenue split depend on the type of machine – 50% for each company if it’s an Avalon A14 Series, and initially, Canaan will receive 70%, to cover initial costs. Once these costs are recovered, the split will even out to 50% for both parties with the Avalon A15 Series machines.
In simpler terms, Nangeng Zhang, who is both the chairman and CEO of Canaan, emphasized their ongoing growth in North America. He mentioned that this partnership aims to establish advantageous connections for both parties and enhance overall industry stability.
Through our partnership, the Willow Wells facility, run by LS Texas’ team and anticipated to be active by Q1 of 2025, will accommodate a mix of 3,480 Avalon A14 and 5,664 Avalon A15 devices. Once fully functional, this setup is estimated to deliver approximately 1.62 Exahash per second (EH/s) of computational power. Following the partnership announcement, Canaan’s shares experienced a 3.77% increase in pre-market trading, as indicated by data from Nasdaq.
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2024-11-20 14:27