On February 24, Bitcoin mining hardware manufacturer Canaan announced it has invested approximately $39.75 million to acquire a 49% stake in Cipher Mining’s three Bitcoin mining farm projects in Texas, further expanding its strategic footprint in North American Bitcoin mining infrastructure and energy assets. The deal includes Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively known as the ABC projects). After the transaction, renewable energy infrastructure company WindHQ will still hold a 51% controlling stake.
Disclosures show that all three farms are fully operational, with a total installed capacity of 120 MW, corresponding to about 4.4 EH/s in hash rate. The electricity cost is below $0.03 per kWh, and they are equipped with wind power resources and ERCOT grid demand response capabilities, helping to reduce Bitcoin mining costs and improve hash rate stability. Meanwhile, Canaan also purchased 6,840 Avalon A15Pro miners from Cipher. These devices were originally deployed at Black Pearl Mine, which is now transitioning into an AI and high-performance computing (AI-HPC) data center.
The acquisition was completed through equity financing, with the company issuing approximately 806,439,900 Class A shares, equivalent to 53,762,660 ADSs, priced at $0.7394 each, with a six-month lock-up period. This reflects its strategic approach of supporting hash rate expansion and mine acquisitions through capital markets.
In terms of performance, Canaan’s revenue for Q4 2025 increased by 121.1% year-over-year to $196.3 million, with mining revenue up 98.5% to $30.4 million. Bitcoin reserves increased to 1,750 coins, hash rate shipments reached 14.6 EH/s, and total installed hash rate rose to 9.91 EH/s, mainly driven by U.S. institutional orders.
Amid industry changes, Bitcoin mining companies are accelerating their exploration of AI computing power and cloud computing business transformations. MARA Holdings recently acquired a 64% stake in Exaion to enter the AI infrastructure sector, while companies like Hive, Hut 8, TeraWulf, and Iren are upgrading their mining farm power resources into data center operations. Canaan’s increased investment in low-cost U.S. mining farms and existing hash rate assets is seen as a strategic move to enhance Bitcoin mining efficiency and strengthen its AI infrastructure layout.
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