Canaan Expands Texas Footprint with $39.75m Acquisition

Canaan, a leading provider of Bitcoin mining infrastructure, has expanded its North American presence with the acquisition of Cipher's stake in several Texas-based cryptocurrency mining projects. The company has purchased a 49 percent equity interest in the joint venture for $39.75m, marking a significant investment in the region.

The three sites involved in the deal - Alborz LLC, Bear LLC, and Chief Mountain LLC - have a combined power output of 120MW, supporting approximately 4.4 EHps of operational mining hashrate. The sites boast an average power rate of sub-three cents/kWh, indicating low operating costs.

As part of the deal, Canaan also acquired 6,840 Canaan Avalon A15Pro-AVG-221T mining rigs from Cipher, which were originally purchased from Canaan and powered up at Cipher's Black Pearl site. The site is being repurposed as an AI-HPC data center.

Canaan Chairman and CEO Nangeng Zhang stated that the acquisition represents a 'disciplined expansion' of the company's North American footprint, aligning its proprietary technology with critical infrastructure to drive long-term efficiency and scale.