Bitcoin Miner Canaan Acquires Cipher’s Stake in Texas Mining Projects, Expands AI and Power Strategy
Canaan acquired Cipher's 49% stake in three Texas mining projects for $39.75 million in stock, boosting its control over low-cost power assets.Summary
Bitcoin miner Canaan (CAN) acquired Cipher Mining Technologies Inc.'s (CIFR) 49% stake in three fully operational West Texas mining projects (Alborz LLC, Bear LLC, and Chief Mountain LLC) for approximately $39.75 million, paid entirely through Canaan shares. These assets collectively provide 120 MW of power capacity and 4.4 EH/s of Bitcoin mining hashrate, benefiting from sub-3¢ per kWh contracted power in the ERCOT grid. The deal also includes mining rigs being converted into an AI and high-performance computing (HPC) data center. This acquisition solidifies Canaan's energy strategy by giving it direct control over high-quality, low-cost power infrastructure, positioning the company at the intersection of digital assets and AI computing in Texas. Cipher's CEO, Tyler Page, noted the strategic value of taking a significant equity position in Canaan.
(Source：Bitcoin Magazine)