Canaan Secures $200 Million for U.S. Bitcoin Mining Expansion
Bitcoin mining hardware manufacturer Canaan Inc. has secured up to $200 million in funding to expand its mining operations in North America, reinforcing its commitment to scaling Bitcoin mining infrastructure in the region.
The funding, raised through a Series A-1 Preferred Shares financing, will be used to enhance research and development, production capabilities, and digital mining operations.
Key Details of Canaan’s Expansion
$200 Million Financing Secured
First tranche of $100 million was completed on March 10, 2025.
The second tranche of $100 million is expected soon, subject to certain conditions.
North American Bitcoin Mining Growth
Canaan plans to expand its proprietary mining operations to 10 EH/s in North America by mid-2025.
The investment will boost infrastructure and equipment deployment, strengthening Canaan’s U.S. presence.
Canaan’s Increasing Bitcoin Mining Footprint
In February 2025, Canaan mined 82 BTC with a realized hashrate of 5.13 EH/s.
The company has consistently raised capital through debt and equity financing since Q2 2024.
Previous Funding Rounds
June 2024: Secured $22.3 million in loans, backed by 530 Bitcoin.
October 2024: Raised $50 million via preferred stock offering.
November 2024: Raised $30 million for Bitcoin mining infrastructure and equipment deployment.
Canaan’s Vision for the Future
Canaan CEO Nangeng Zhang expressed confidence in Bitcoin’s long-term growth and the company’s ability to scale mining operations efficiently.
With institutional backing and strategic investments in infrastructure, Canaan is positioning itself as a key player in the U.S. Bitcoin mining landscape, as demand for mining hardware and large-scale facilities continues to rise.
