Soluna and Canaan partner to deploy bitcoin miners at wind-powered Texas site

ALBANY, N.Y./SINGAPORE - Soluna Holdings, Inc. (NASDAQ:SLNH) and Canaan Inc. (NASDAQ:CAN) announced a strategic hosting agreement to deploy 20 megawatts of Avalon A15 XP Bitcoin miners at Soluna’s Project Dorothy in Briscoe County, Texas, according to a press release statement. According to InvestingPro data, Canaan maintains a strong balance sheet with more cash than debt, though the company’s overall financial health score indicates some challenges ahead.

The deployment, representing approximately 1 exahash per second of mining capacity, is expected to begin in the first quarter of 2026. The miners will be powered primarily by behind-the-meter wind energy at Soluna’s renewable-powered data center. With analysts forecasting 70% revenue growth for Canaan in the current fiscal year, this strategic expansion could prove timely for the company’s growth trajectory.

"This agreement reflects our shared commitment to delivering high-performance computing solutions powered by renewable energy," said John Belizaire, CEO of Soluna.

For Canaan, a crypto mining equipment manufacturer, the partnership expands its North American self-mining operations. The company will utilize Soluna’s infrastructure to power its Avalon fleet using wind energy while maintaining high uptime through grid access when needed.

"The site primarily runs on behind-the-meter wind power but can also draw from the grid to ensure very high uptime. This is a unique advantage that combines reliable operations with compelling cost efficiency," said Nangeng Zhang, chairman and CEO of Canaan.

Soluna, which develops green data centers for intensive computing applications including cryptocurrency mining and artificial intelligence, views this agreement as part of its strategy to monetize its pipeline of renewable computing projects. The company’s Project Dorothy 2 is now operational.

The partnership aligns with both companies’ business objectives - Canaan aims to strengthen its North American mining presence amid growing demand for blockchain infrastructure, while Soluna continues expanding its renewable-powered digital infrastructure portfolio. Canaan’s stock has shown significant momentum recently, posting a 19.5% return over the past week, though InvestingPro analysis suggests the stock remains undervalued relative to its Fair Value. For deeper insights into Canaan’s financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro along with 13 additional key ProTips for this stock.

In other recent news, Canaan Inc. reported its Q2 2025 earnings, showing a significant revenue miss with $71.86 million against a forecast of $109.45 million, marking a 34.34% shortfall. Despite this, the company surprised with an earnings per share (EPS) of -1.02, far below the anticipated -0.04, indicating a 2450% surprise. Meanwhile, Canaan announced a 10% increase in its bitcoin mining activities for August 2025, having mined 98 bitcoins and holding a total of 1,547 bitcoins by the end of the month. The company’s deployed hashrate reached 8.6 exahashes per second, with an operating hashrate of 7.5 EH/s. Additionally, Canaan has partnered with Luxor Technology Corporation to provide financing solutions for customers purchasing Avalon bitcoin mining machines, facilitating the sale of over 5,000 units in August. In terms of analyst perspectives, Benchmark has reiterated its Buy rating on Canaan with a price target of $2.00, following discussions with the company’s Chief Financial Officer and Head of Capital Markets. These recent developments highlight ongoing activities and analyst assessments surrounding Canaan Inc.

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