Canaan Sets Aside $50 Million in Collateral for Texas Push

Canaan Inc. (NASDAQ: CAN) set aside $50 million as collateral for a letter of credit tied to infrastructure contracts as it advances two planned one-gigawatt power projects in Texas. The move comes as the Bitcoin (BTC) mining-machine maker’s product revenue dropped to $4.8 million in the third quarter from $118.6 million a year earlier. Canaan’s project in Duval County received a conditional “Studied Load – Firm” classification through the Electric Reliability Council of Texas’ (ERCOT) Batch Zero process. Chairman and CEO Nangeng Zhang said the project still requires further studies and approvals. A separate one-gigawatt project in Zapata County remains in early development. The company also made about $3.3 million in project prepayments. It ended Sept.

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