Canaan Technology to acquire Cipher Mining's West Texas mining project for approximately $40 million

GateUser-6433627c · 2026-02-24T04:48:15+00:00

Canaan Technology acquires a 49% stake in Cipher Mining's three Bitcoin mining projects in West Texas, with a transaction value of $39.75 million, all completed through non-cash methods. The total project power capacity is 120 MW, supporting 4.4 EH/s of computing power, and 6,840 mining machines are purchased.

GateUser-6433627c

2026-02-24 04:48:15

Abstract generation in progress

On February 24, Canaan Inc. announced that it has acquired a 49% stake in three operational Bitcoin mining projects in West Texas from Cipher Mining. WindHQ will continue to hold a 51% majority stake, and the two companies have reached a partnership. The transaction value is approximately $39.75 million, all paid in non-cash consideration, with Canaan issuing about 806.4 million Class A common shares to Cipher. The acquired projects have a total power capacity of 120 MW, supporting approximately 4.4 EH/s of operational hash rate. Canaan also purchased an additional 6,840 mining machines from Cipher. These machines were originally purchased by Cipher from Canaan in July 2025 and deployed at Cipher’s Black Pearl site, which is now being transformed into an AI-HPC data center.

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