Canaan Technology acquires a 49% stake in Cipher's joint mining farm in West Texas with $39.75 million in stock.

PANews February 24 News, according to CoinDesk, Bitcoin miner manufacturer and mining infrastructure operator Canaan Inc. has reached an agreement with Cipher Mining to acquire a 49% stake in Cipher’s joint venture project ABC Projects in West Texas for $39.75 million in stock. The joint venture includes three operational Bitcoin mining farms: Alborz LLC, Bear LLC, and Chief Mountain LLC, with the remaining 51% held by WindHQ.
The transaction was completed through the issuance of 806.4 million Class A common shares (equivalent to 53.8 million American Depositary Shares), making Cipher a major shareholder of Canaan, with a six-month lock-up period for the shares.
The three mining farms have a total operational capacity of 120 MW, supporting approximately 4.4 EH/s of hash rate, with an energy efficiency ratio of about 25.7 J/TH. As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro miners previously deployed at Cipher’s Black Pearl facility, which is being transformed into an AI and high-performance computing data center.