On February 24, Bitcoin mining hardware manufacturer Canaan announced it has invested approximately $39.75 million to acquire a 49% stake in Cipher Mining’s three Bitcoin mining farm projects in Texas, further expanding its strategic footprint in North American Bitcoin mining infrastructure and energy assets. The deal includes Alborz LLC, Bear LLC, and Chief Mountain LLC (collectively known as the ABC projects). After the transaction, renewable energy infrastructure company WindHQ will still hold a 51% controlling stake.
Disclosures show that all three farms are fully operational, with a total installed capacity of 120 MW, corresponding to about 4.4 EH/s in hash rate. The electricity cost is below $0.03 per kWh, and they are equipped with wind power resources and ERCOT grid demand response capabilities, helping to reduce Bitcoin mining costs and improve hash rate stability. Meanwhile, Canaan also purchased 6,840 Avalon A15Pro miners from Cipher. These devices were originally deployed at Black Pearl Mine, which is now transitioning into an AI and high-performance computing (AI-HPC) data center.
The acquisition was completed through equity financing, with the company issuing approximately 806,439,900 Class A shares, equivalent to 53,762,660 ADSs, priced at $0.7394 each, with a six-month lock-up period. This reflects its strategic approach of supporting hash rate expansion and mine acquisitions through capital markets.
In terms of performance, Canaan’s revenue for Q4 2025 increased by 121.1% year-over-year to $196.3 million, with mining revenue up 98.5% to $30.4 million. Bitcoin reserves increased to 1,750 coins, hash rate shipments reached 14.6 EH/s, and total installed hash rate rose to 9.91 EH/s, mainly driven by U.S. institutional orders.
Amid industry changes, Bitcoin mining companies are accelerating their exploration of AI computing power and cloud computing business transformations. MARA Holdings recently acquired a 64% stake in Exaion to enter the AI infrastructure sector, while companies like Hive, Hut 8, TeraWulf, and Iren are upgrading their mining farm power resources into data center operations. Canaan’s increased investment in low-cost U.S. mining farms and existing hash rate assets is seen as a strategic move to enhance Bitcoin mining efficiency and strengthen its AI infrastructure layout.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Charles Schwab to Launch Bitcoin and Ethereum Trading, Releases Educational Content on BTC
Charles Schwab plans to expand into crypto, offering Bitcoin education and direct BTC/ETH trading, allowing customers to buy Bitcoin in accounts; analysts call it a major mainstreaming moment.
Schwab announces an expansion into cryptocurrency with Bitcoin education and direct BTC/ETH trading, enabling clients to hold Bitcoin in their accounts; analysts view this as a turning point toward mainstream adoption.
GateNews20m ago
U.S. Indo-Pacific Commander Highlights Bitcoin's Potential as 'Computer Science Tool'
Gate News message, April 21 — Admiral Samuel Paparo, commander of U.S. Indo-Pacific Command, testified before the Senate that Bitcoin demonstrates significant potential as a computer science tool and holds value as an instrument of power projection. Paparo stated that Bitcoin is a tangible reality w
GateNews34m ago
BTC Liquidation Levels: $18.97B Long Liquidations at $72,082, $15.21B Short Liquidations at $79,626
Gate News message, April 21 — According to Coinglass data, if Bitcoin falls below $72,082, cumulative long liquidations across major CEXs would reach $18.97 billion.
Conversely, if BTC breaks above $79,626, cumulative short liquidations across major CEXs would reach $15.21 billion.
GateNews1h ago
Crypto Investor Predicts Bitcoin ATH at $140,000 and XRP ATH at $7 in May
Crypto investor predicts Bitcoin ATH at $140,000.
Similarly, the expert expects an XRP ATH at $7.
Both these new ATH targets for BTC and XRP are expected to arrive in May.
The prices of Bitcoin and Ethereum seem to be trading at a bullish trajectory, having just broken past major
CryptoNewsLand2h ago
Deutsche Bank Survey Shows US Bitcoin Adoption Rose to 12% in March, Up from 7% in February
Gate News message, April 21 — An investor survey by German banking giant Deutsche Bank revealed that cryptocurrency adoption in the US rose to 12% in March, up from a low of 7% in February, returning to levels projected for July 2025.
The report highlighted recovery in institutional demand as a
GateNews2h ago
DDC Enterprise Launches Bitcoin Treasury AI Operating System with Treasury Graph Framework
Gate News message, April 21 — DDC Enterprise, a U.S. publicly listed company, announced the launch of "DDC Treasury Intelligence Platform," an AI operating system designed for enterprise bitcoin reserve management. Developed in collaboration with Appnovation, the platform leverages large language
GateNews2h ago
