Canaan acquires Cipher Mining’s stake in West Texas bitcoin mining projects in $40 million deal
Canaan acquired Cipher Mining's 49% stake in West Texas bitcoin mining projects for $40 million, expanding its North American footprint.Summary
Canaan Inc. has acquired Cipher Mining's 49% interest in a joint venture operating three bitcoin mining projects in West Texas. The deal, valued at approximately $39.75 million, involves Canaan issuing shares to Cipher and purchasing additional mining rigs. This acquisition increases Canaan’s power capacity to 120 MW and its operating hashrate to 4.4 EH/s. Canaan’s CEO, Nangeng Zhang, stated the acquisition aligns with the company’s strategy to expand its energy infrastructure and integrate bitcoin mining with AI-HPC colocation. The deal also marks a shift for Canaan towards a more systematic upstream energy development model and strengthens its relationship with Cipher, as Cipher becomes a significant shareholder in Canaan.
(Source：The Block)