US EditionCanaan Expands U.S. Mining Operations with Purchase of Cipher’s Texas JV Stake
Canaan expanded its North American footprint with a $39.75 million acquisition of 6,840 mining rigs and a 49% stake in Texas power assets supporting 4.4 EH/s hashrate.
- On Feb. 23, 2026, Canaan Inc. bought a 49% stake in the West Texas joint venture and transferred 6,840 Avalon A15Pro mining rigs, according to the company.
- Amid a strategy change, the acquisition supports Canaan's U.S. energy goals by providing access to a 49% stake and supporting approximately 4.4 EH/s of hashrate at sub-3 cents/kWh rates by the end of 2026.
- Canaan financed the deal by issuing 806,439,900 Class A ordinary shares to Cipher, equivalent to 53,762,660 ADS at US$0.7394, with a six-month lock-up.
- Operationally, the deal ties Canaan into WindHQ LLC, which maintains a 51% stake, while fleet efficiency is approximately 25.7 J/TH.
- Executives noted the deal deepens the corporate relationship with Cipher and supports Cipher's evolution into AI and HPC sectors, while Canaan said it is a disciplined expansion of its North American digital-asset footprint.
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Bitcoin Miner Canaan Buys Cipher’s Texas Stake, Boosts AI Plans
Canaan (CAN) has acquired Cipher Mining Technologies Inc.’s (NASDAQ: CIFR) 49% stake in three fully operational West Texas mining projects, marking a significant step in its strategy to integrate low-cost power with high-performance computing. The transaction, valued at approximately $39.75 million, according to a note shared with Bitcoin Magazine, was completed entirely through the issuance of Canaan shares, priced at $0.7394 per American Depos…
Canaan Expands in Texas with $39.75 Million Bitcoin Mining A
Canaan has acquired a 49% stake in Cipher Mining’s three Texas facilities for $39.75 million. The Chinese firm strengthens its U.S. Continue Reading:Canaan Expands in Texas with $39.75 Million Bitcoin Mining Acquisition The post Canaan Expands in Texas with $39.75 Million Bitcoin Mining Acquisition...
Canaan Acquires 49% of Cipher in a West Texas Mine for $39.75 Million in Shares - Crypto Economy Esp
Key points of the news: Canaan acquired 49% of Cipher at ABC Projects, three operating mining sites in West Texas, for $39.75 million. The operation was financed by issuing 806.4 million ordinary Class A shares, making Cipher a key shareholder in Canaan. The three sites operate 120 MW of energy capacity and support approximately 4.4 EH/s of hashrate with an efficiency of 25.7 J/TH. Canaan acquired 49% of the shareholding that Cipher Mining (CIFR…
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