Bitcoin mining {hardware} maker Canaan bought Cipher Mining’s 49% stake in a trio of Texas mining tasks for roughly $39.75 million, increasing the corporate’s mining pursuits.
The transaction covers three way partnership entities Alborz LLC, Bear LLC and Chief Mountain LLC, collectively generally known as “ABC Tasks,” in keeping with a Monday announcement. Following the deal, Canaan owns a 49% stake, whereas its associate WindHQ, a renewable power infrastructure firm, retains 51%.
“By rising our publicity to high-quality, low-cost working power belongings in Texas, we’re aligning our proprietary know-how with essential infrastructure to drive long-term effectivity and scale,” mentioned Nangeng Zhang, president and CEO of Canaan.
All three amenities are actually operational, with a mixed energy capability of 120 megawatts and round 4.4 exahashes per second (EH/s) hashrate. Canaan additionally acquired 6,840 Avalon A15Pro mining rigs from Cipher. These machines have been beforehand deployed at Cipher’s Black Pearl location, which is now being transformed into a synthetic intelligence and high-performance computing (AI-HPC) information middle.
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Canaan funds are negotiating a share subject value $40 million
The acquisition was financed via shares. Canaan issued 806,439,900 Class A shares, equal to 53,762,660 American Depositary Shares (ADS), priced at $0.7394 per ADS and topic to a six-month lock-up.
In keeping with the announcement, the Texas websites profit from electrical energy prices of lower than $0.03 per kilowatt-hour and embrace wind energy technology and grid demand response capabilities inside the ERCOT power market. “ABC tasks function industry-leading power costs and provide a strong basis for progress,” Zhang added.
Canaan shares fall 5.7%. Fountain: Google Finance
Canaan reported a robust fourth quarter of 2025, with income rising 121.1% 12 months over 12 months to $196.3 million, as {hardware} shipments and mining manufacturing improved. Bitcoin ($BTC) mining earnings elevated 98.5% to 30.4 million {dollars}, elevating its treasury to 1,750 $BTC. The corporate shipped a document 14.6 EH/s of computing energy and expanded the put in hash fee to 9.91 EH/s, backed by a big institutional order in the USA.
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Bitcoin mining firms are more and more diversifying into synthetic intelligence and cloud computing as pressures on profitability improve. Final week, MARA Holdings acquired a 64% stake in French infrastructure firm Exaion, giving the corporate a foothold in synthetic intelligence providers.
The transfer got here amid a broader {industry} pattern. Corporations like Hive, Hut 8, TeraWulf and Iren are changing mining amenities and power capability into infrastructure that has already absolutely transitioned to AI.
Canaan additionally mentioned the brand new acquisitions align with its initiative to stabilize energy grids amid rising demand for information facilities.
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