Canaan buys 49% stake in three Texas mining sites for $40M

Canaan acquires a stake in three operating Texas mining facilities with 120 MW of power and 4.4 EH/s hashrate as it expands beyond hardware into infrastructure operations.

Bitcoin mining hardware maker Canaan has purchased Cipher Mining’s 49% interest in a trio of Texas mining projects for $39.75 million, expanding its mining interests.

The transaction covers joint venture entities Alborz LLC, Bear LLC and Chief Mountain LLC, together known as the “ABC Projects,” according to a Monday announcement. After the deal, Canaan holds a 49% stake while partner WindHQ, a renewable energy infrastructure company, retains 51%.

“By increasing our exposure to high-quality, low-cost operational power assets in Texas, we are aligning our proprietary technology with critical infrastructure to drive long-term efficiency and scale,” said Nangeng Zhang, chairman and chief executive officer of Canaan.

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