Canaan Expands Texas Mining Presence with ABC Projects Acquisition

Canaan Inc., a leading Nasdaq-listed crypto mining company, has made a significant expansion move by acquiring 49% of the Texas ABC Projects from Cipher Mining Technologies. The deal marks a key milestone in Canaan's efforts to strengthen its North American operations and enhance its energy strategy.

The acquisition grants Canaan access to 120 MW of fully operational power in West Texas, as well as 4.4 EH/s of Bitcoin mining capacity across the Alborz, Bear, and Chief Mountain LLC sites. This strategic foothold is expected to play a crucial role in supporting Canaan's growth plans.

The partnership with WindHQ, which owns 51% of the projects, will also enable Canaan to tap into the company's expertise in wind energy and data center management. This collaboration is set to drive operational synergy and help Canaan navigate the complexities of power management.