Updated: 20.03.2026
Bitcoin mining equipment maker Canaan acquired a 49% stake in Cipher Mining in three Texas-based mining projects for nearly $40 million. The purchase was financed through a stock offering, with Canaan issuing 806,439,900 shares of Class A common stock to Cipher.
This acquisition represents a consistent expansion of our digital asset presence in North America and is an important step in executing Canaan’s broader energy strategy,» said Chairman of the Board of Directors and Chief Executive Officer of Canaan Nangeng Zhang.
The deal involved joint ventures Alborz LLC, Bear LLC, and Chief Mountain LLC, collectively known as «ABC Projects.» Canaan will own 49% of the shares, while its partner, WindHQ, a renewable energy infrastructure company, will retain 51%.
By expanding access to high-quality, low-cost energy assets in Texas, we are deploying our proprietary technology into critical infrastructure to ensure long-term efficiency and scalability,” said Nangeng Zhang.
Three facilities have already been commissioned, their total capacity is 120 megawatts, and hashrate — about 4,4 EH/s. Canaan also purchased 6840 Avalon A15Pro mining rigs from Cipher.
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