Canaan Bolsters Texas Mining Operations with $39.75 Million Acquisition

Canaan, a leading manufacturer of Bitcoin mining hardware, has acquired a significant stake in three joint ventures in Texas for $39.75 million.

The deal involves a 49% interest in the Alborz, Bear, and Chief Mountain facilities, collectively known as the ABC Projects, from Cipher Mining.

Canaan will now hold a 49% stake in these projects, with renewable energy infrastructure firm WindHQ retaining the remaining 51%. The three facilities have a combined power capacity of 120 megawatts and approximately 4.4 exahashes per second (EH/s) of hash rate.

Canaan also acquired 6,840 Avalon A15Pro mining rigs from Cipher as part of the transaction, which had previously been deployed at Cipher's Black Pearl site.