Canaan acquires 49% of Cipher’s Texas mining projects

Canaan acquired 49% of Cipher Mining's Texas projects for $39.75M, gaining 120 MW power and 4.4 EH/s hashrate. The deal includes 6,840 Avalon A15Pro rigs and a six-month share lock-up.

Canaan Inc. has acquired a 49% stake in Cipher Mining's joint venture projects in West Texas—Alborz LLC, Bear LLC, and Chief Mountain LLC—collectively known as the ABC Projects. The $39.75 million deal was executed through the issuance of approximately 806 million Class A ordinary shares to Cipher, equal to about 53.8 million American Depositary Shares, with a six-month lock-up period. The ABC Projects offer a combined power capacity of 120 megawatts and a total computing power of roughly 4.4 exahashes per second, with fleet efficiency around 25.7 joules per terahash. As part of the agreement, Canaan will also repurchase 6,840 Avalon A15Pro mining rigs from Cipher, which were previously deployed at the Black Pearl facility. This acquisition strengthens Canaan’s operational infrastructure and provides direct access to bitcoin block rewards, while Cipher unlocks value from older assets. WindHQ retains the remaining 51% ownership of the projects.