Cryptomine and AI data center Mawson Infrastructure Group has signed a 64MW digital colocation customer agreement with Canaan Inc.
The deal will see Mawson provide facilities and infrastructure for around 17,453 latest-generation application-specific integrated circuit (ASIC) mining rigs, which are primarily used to mine cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and other coins using the SHA-256 or Scrypt algorithms.
The initial agreement between Mawson and Canaan is set to last for three years, and can be extended upon the mutual agreement of both parties. Mawson currently has 129MW of compute power in operation, which the company expects to increase to 153MW in the coming year.
“We are now pleased to sign and welcome Canaan as our newest enterprise-grade customer. I am delighted to announce this new long-term digital colocation customer agreement, further driving growth of our digital colocation services business. This aligns well with our strategy of optimizing our digital infrastructure and compute management capabilities working with latest-generation machines,” said Mawson CEO and President, Rahul Mewawalla.
Founded in 2013, Nasdaq-listed Canaan is a China-based computer hardware manufacturer specializing in Blockchain servers and ASIC microprocessors used in Bitcoin mining.
Canaan said it would be locating mining hardware in Mawson facilities in Midland, Pennsylvania, as well as in another site in Edna, Texas, not owned by Mawson. The majority of the capacity is set to be installed by Q2 2025.
The company is currently mining crypto in facilities across the US (at the Bitfarm-owned Panther Creek facility in Pennsylvania and sites in Texas), Canada, Ethiopia (x2), Kazakhstan, and the Middle East.
In January, Canaan secured an extra 6MW of mining capacity at a site in Pecos, Texas, with Luna Squares Texas LLC, in addition to an existing 30MW site in Willow Wells, Texas. It previously hosted hardware in Sweden.
“This agreement between Canaan and Mawson combines Mawson's digital infrastructure and operational excellence with Canaan’s next-generation mining hardware to create an innovative, scalable foundation that provides the flexibility for additional opportunities,” said Canaan chairman and CEO, Nangeng Zhang.
Mawson Infrastructure has historically focused on its cryptocurrency mining business however, the company also offers digital colocation services from its data centers in Pennsylvania. It has a 120MW facility in Midland and another 8.8MW facility in Bellafonte.
Company figures for last year show Mawson underwent significant growth in 2024, which it attributes to the onboarding of enterprise-grade customers, and its expansion into AI and HPC (high-performance computing) markets.
Mawson’s digital relocation revenue increased 136 percent, while its energy management revenue increased 42 percent. The company’s gross profits for 2024 increased 35 percent overall, leaving it in a cash-flow-positive position at the end of the year.
In January, Mawson signed a 20MW lease with an unnamed AI customer which included a Letter of Intent (LOI) for a potential further 144MW expansion.
Mawson sold the Pecos site Canaan currently has a presence at to a fund managed by Mainnet Capital as an undeveloped greenfield site in 2023.
