Bitcoin mining hardware manufacturer Canaan has acquired Cipher Mining‘s 49% stake in three operational Texas mining projects for $39.75 million. The deal, financed through a share issuance, provides Canaan with a 120-megawatt power portfolio and about 4.4 exahashes per second of mining capacity. This expansion aligns with industry trends where miners are securing low-cost power and diversifying into areas like artificial intelligence.
Canaan purchased Cipher Mining‘s interest in joint ventures known as the “ABC Projects,” which consist of Alborz LLC, Bear LLC, and Chief Mountain LLC. Following the transaction, Canaan holds a 49% stake while its partner WindHQ, a renewable energy infrastructure company, retains 51% ownership.
“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. The three Texas facilities are operational with a combined 120 megawatts of power capacity and roughly 4.4 exahashes per second (EH/s) of hashrate.
Canaan also acquired 6,840 Avalon A15Pro mining rigs previously deployed at a Cipher site. The purchase was financed by issuing 806,439,900 Class A shares, equal to 53,762,660 American Depositary Shares, priced at $0.7394 per ADS. According to the announcement, the sites benefit from electricity costs below $0.03 per kilowatt-hour within the ERCOT market.
Canaan reported a strong fourth quarter for 2025, with revenue rising 121.1% year-on-year to $196.3 million. The company’s Bitcoin mining revenue climbed 98.5% to $30.4 million, increasing its treasury to 1,750 BTC, and it shipped a record 14.6 EH/s of computing power.
Bitcoin mining companies are increasingly branching into AI and cloud computing as profitability pressures mount. Other firms including Hive, Hut 8, TeraWulf, and Iren are converting mining facilities into data-center operations. Canaan stated its new acquisitions align with an initiative to stabilize power grids amid rising data center demand.
