Canaan Expands Texas Footprint through ABC Projects Acquisition

Canaan has made a significant move into the West Texas bitcoin mining market with the acquisition of a 49% stake in three joint ventures from Cipher Mining.

The ABC Projects, as they are collectively known, have a combined power capacity of 120 megawatts and an average fleet efficiency of around 25.7 joules per terahash.

Canaan has funded the purchase by issuing approximately 53.8 million American Depositary Shares (ADS) to Cipher Mining, with each share priced at $0.7394.