Canaan Announces Partnership with Luna Squares Texas to Deploy 9,144 Bitcoin Miners

Singapore-based mining hardware manufacturer Canaan has announced a partnership agreement with U.S. Bitcoin mining company Luna Squares Texas.

Singapore-based mining hardware manufacturer Canaan has announced a partnership agreement with U.S. Bitcoin mining company Luna Squares Texas.

As part of the collaboration, the partners will deploy 3,480 Avalon A14 machines and 5,664 Avalon A15 machines at the Willow Wells facility, operated by Luna Squares personnel. The facility is set to launch by Q1 2025, delivering approximately 1.62 EH/s of computing power once fully operational.

The strategic goal is 10 EH/s by mid-2025

According to the terms of the agreement, revenue distribution will vary depending on the equipment model. For Avalon A14 machines, each company will receive 50% of the revenue, while for Avalon A15 machines, Canaan will initially receive 70% of the revenue to recover capital expenditures. After that, the revenue split will revert to 50/50 between the parties.

Canaan’s Chairman and CEO, Nangeng Zhang, highlighted that the partnership with Luna Squares Texas aligns with Canaan’s strategic goal to achieve a mining capacity of 10 EH/s by mid-2025.

Following the announcement of the deal, Canaan's shares on Nasdaq surged by 4%.

As we wrote, mining has long been dominated by large corporations, but every year more devices are being introduced that allow individuals to mine Bitcoin at home. In the future, home mining devices could account for 20% of all mining hardware.