Canaan's innovative project in Calgary aims to convert flared natural gas into electricity for Bitcoin mining and high-performance computing, while reducing CO₂ emissions.
Canaan Inc. has launched a pilot project in Calgary, Alberta, to convert flared natural gas into power for Bitcoin mining and computing. The initiative, developed with Aurora AZ Energy, uses $2 million worth of Avalon A15 Pro miners to generate 2.5 MW of computing capacity, targeting a 90% uptime. The project aims to reduce CO₂ emissions by capturing and using wasted gas, with potential applications in AI and high-performance computing. Canaan’s stock rose 22% following the announcement.