Canaan Technology acquired a 49% stake in Cipher's joint venture mine in Western Texas for $39.75 million in stock.

PANews reported on February 24th that, according to CoinDesk, Bitcoin mining rig manufacturer and mining infrastructure operator Canaan Inc. has reached an agreement with Cipher Mining to acquire a 49% stake in Cipher's West Texas ABC Projects joint venture for $39.75 million in stock. The joint venture comprises three operating Bitcoin mining farms: Alborz LLC, Bear LLC, and Chief Mountain LLC. The remaining 51% is held by WindHQ.

The transaction was completed through the issuance of 806.4 million Class A ordinary shares (equivalent to 53.8 million American Depositary Shares), making Cipher a major shareholder of Canaan. The acquired shares are subject to a six-month lock-up period. The three mining farms operate with a combined 120 MW of power capacity, supporting approximately 4.4 EH/s of hashrate and an energy efficiency ratio of approximately 25.7 J/TH. As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs previously deployed at Cipher's Black Pearl facility, which is being transformed into an AI and high-performance computing data center.