Singapore-based bitcoin mining hardware manufacturer Canaan Inc. has acquired Cipher Mining’s 49% stake in a West Texas joint venture. The $39.75 million transaction was completed via a stock deal, significantly enhancing Canaan’s direct control over U.S. mining operations.
The acquisition encompasses three operational bitcoin mining sites: Alborz LLC, Bear LLC, and Chief Mountain LLC. These facilities collectively offer 120 megawatts of power capacity and approximately 4.4 exahashes per second of mining power, with a fleet efficiency of 25.7 joules per terahash.
Canaan funded the deal with 806.4 million Class A ordinary shares, equivalent to $53.8 million in American Depositary Shares, subject to a six-month lockup. The agreement also included the purchase of 6,840 Avalon A15Pro mining machines.
The transaction signals Canaan's commitment to strengthening its bitcoin mining infrastructure, a move aligning with broader trends in the crypto industry. Simultaneously, Cipher Mining gains a substantial equity stake in Canaan, a company increasingly focusing on AI and data centers.