Canaan Acquires Cipher Mining’s 49% Stake in Texas Mining Facilities
Canaan purchased Cipher Mining's 49% interest in three Texas mining projects, known as the ABC Projects, for $39.75 million.Summary
Bitcoin mining hardware maker Canaan announced it acquired Cipher Mining’s 49% stake in three operational Texas mining joint ventures (Alborz LLC, Bear LLC, and Chief Mountain LLC, or the "ABC Projects") for $39.75 million. Following the deal, Canaan holds a 49% stake, while partner WindHQ retains 51%. The three facilities collectively offer 120 megawatts of power capacity and about 4.4 exahashes per second (EH/s) of hashrate, benefiting from low electricity costs under $0.03 per kWh and utilizing wind power within the ERCOT market. Canaan financed the purchase by issuing shares and also acquired 6,840 Avalon A15Pro mining rigs from Cipher. Canaan's CEO stated the move aligns their technology with critical infrastructure to drive efficiency, while the company also reported strong Q4 2025 results, with revenue up 121.1% year-on-year.
(Source：Cointelegraph)