Bitcoin mining {hardware} maker Canaan has bought Cipher Mining’s 49% curiosity in a trio of Texas mining tasks for roughly $39.75 million, increasing the corporate’s mining pursuits.
The transaction covers the three way partnership entities Alborz LLC, Bear LLC and Chief Mountain LLC, collectively often called the “ABC Tasks,” in keeping with a Monday announcement. After the deal, Canaan holds a 49% stake whereas associate WindHQ, a renewable power infrastructure firm, retains 51%.
“By growing our publicity to high-quality, low-cost operational energy property in Texas, we’re aligning our proprietary expertise with vital infrastructure to drive long-term effectivity and scale,” mentioned Nangeng Zhang, chairman and chief government officer of Canaan.
The three services are already operational, with a mixed 120 megawatts of energy capability and about 4.4 exahashes per second (EH/s) of hashrate. Canaan additionally acquired 6,840 Avalon A15Pro mining rigs from Cipher. These machines have been beforehand deployed at Cipher’s Black Pearl location, which is now being transformed into a man-made intelligence and high-performance computing (AI-HPC) information heart.
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Canaan funds cope with $40 million share issuance
The acquisition was financed by means of shares. Canaan issued 806,439,900 Class A shares, equal to 53,762,660 American Depositary Shares (ADS), priced at $0.7394 per ADS and topic to a six-month lockup.
Based on the announcement, the Texas websites profit from electrical energy prices beneath $0.03 per kilowatt-hour and embody wind-powered era and grid demand-response capabilities throughout the ERCOT energy market. “ABC Tasks function industry-leading energy pricing and provide a robust basis for progress,” Zhang added.
Canaan shares drop 5.7%. Supply: Google Finance
Canaan reported a robust fourth quarter of 2025, with income rising 121.1% year-over-year to $196.3 million, as {hardware} shipments and mining output improved. Bitcoin ($BTC) mining income climbed 98.5% to $30.4 million, lifting its treasury to 1,750 $BTC. The agency shipped a report 14.6 EH/s of computing energy and expanded put in hashrate to 9.91 EH/s, supported by a big institutional order in the US.
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Bitcoin miners flip to AI as margins tighten
Bitcoin mining companies are more and more branching into AI and cloud computing as profitability pressures mount. Final week, MARA Holdings acquired a 64% stake in French infrastructure firm Exaion, giving the corporate a foothold in AI providers.
The transfer got here amid a broader {industry} pattern. Firms together with Hive, Hut 8, TeraWulf and Iren are changing mining services and energy capability into>already transitioned totally into AI infrastructure.
Canaan additionally mentioned the brand new acquisitions align with its initiative to stabilize energy grids amid rising information heart demand.
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