Bitcoin mining {hardware} maker Canaan has expanded its mining pursuits by buying Cipher Mining's 49% curiosity in three mining initiatives in Texas for roughly $39.75 million.
In response to Monday's announcement, the transaction entails Alborz LLC, Bear LLC and Chief Mountain LLC, a three way partnership recognized collectively because the “ABC Undertaking.” Following the transaction, Canaan will maintain a 49% stake, with companion renewable power infrastructure firm WindHQ holding 51%.
“By growing our publicity to high-quality, low-cost working energy property in Texas, we’re aligning our distinctive expertise with essential infrastructure to drive long-term effectivity and scale,” stated Nangen Zhang, Canaan's chairman and chief govt officer.
The three amenities are already operational and have a mixed energy capability of 120 megawatts and a hash price of roughly 4.4 exahash per second (EH/s). Canaan additionally acquired 6,840 Avalon A15Pro mining rigs from Cipher. These machines have been beforehand deployed at Cipher's Black Pearl location, which has now been transformed into a man-made intelligence and high-performance computing (AI-HPC) information heart.
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The acquisition was financed by inventory. Canaan issued 806,439,900 Class A shares representing 53,762,660 American Depositary Shares (ADS). The value is $0.7394 per ADS and is topic to a six-month lockup.
The Texas website advantages from energy prices of lower than $0.03 per kilowatt-hour and incorporates wind technology and grid demand response capabilities throughout the ERCOT energy market, based on the announcement. “The ABC challenge options industry-leading energy pricing, offering a powerful basis for development,” Zhang added.
Canaan inventory fell 5.7%. sauce: Google Finance
Canaan reported a powerful fourth quarter of 2025, with income growing 121.1% yr over yr to $196.3 million on account of improved {hardware} shipments and mining manufacturing. Bitcoin ($BTC) Mining income elevated by 98.5% to $30.4 million, and monetary property elevated to $1,750. $BTC. The corporate shipped a file 14.6 EH/s of computing energy and expanded its put in hashrate to 9.91 EH/s, backed by a big institutional order within the US.
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Bitcoin mining firms are more and more pushing into AI and cloud computing as profitability pressures enhance. Final week, MARA Holdings acquired a 64% stake in French infrastructure firm Exaion, giving the corporate a foothold in AI companies.
The transfer comes amid industry-wide traits. Corporations equivalent to Hive, Hut 8, TeraWulf, and Iren are already absolutely transitioning, changing their mining amenities and energy capability to AI infrastructure.
Kannan additionally stated the brand new acquisition is in line with the corporate's efforts to stabilize the facility grid as demand for information facilities will increase.
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