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
US Treasury yields rose to 4.41%, stock market correction approaching, Bitcoin fell from 90,000 USD to 60,000 USD at one point
Bitcoin has experienced a sharp pullback, with traditional financial markets showing signs of following suit. Rising US Treasury yields are pushing up borrowing costs, leading to decreased risk appetite in the stock market. Bitcoin's price is currently oscillating between $65,000 and $75,000, with market concerns persisting over future volatility. Investors need to monitor the correlation between interest rates and risk assets.
GateNews14m ago
Bitcoin Mining Difficulty Drops 7.8% as Miner Exodus Accelerates Amid AI Pivot and Rising Energy Costs
Bitcoin's mining difficulty fell 7.76% to 133.79 trillion on March 21, 2026, marking the second-largest negative adjustment of the year, as average block times stretched to roughly 12 minutes and 36 seconds—well above the protocol's 10-minute target—triggering an automatic downward recalibration.
CryptopulseElite33m ago
CZ: Bitcoin and other mainstream cryptocurrencies are tangible assets
Gate News report: On March 23, cryptocurrency entrepreneur CZ posted that Bitcoin is a hard asset, as are other major cryptocurrencies.
GateNews49m ago
SBF's Parents Accept CNN Interview Claiming Customer Funds Fully Repaid, Question Conviction
Sam Bankman-Fried's parents accepted a CNN interview, arguing that his conviction was unjust and claiming that FTX customer funds have been fully repaid. The FTX Recovery Trust will conduct a fourth distribution of approximately $2.2 billion. Despite the repayments, FTX creditor representatives stated they have not received full compensation, Joseph Bankman's actions contradicted the regulatory framework, and the family hopes Trump will lend a hand.
GateNews49m ago
Liquidations across the entire network totaled $250 million in the past 24 hours, with long positions accounting for nearly 80% of the total.
Gate News reported that on March 23, according to CoinAnk data, the entire network experienced $250 million in liquidations over the past 24 hours, of which long positions accounted for approximately $194 million in liquidations and short positions accounted for approximately $55.92 million in liquidations. By cryptocurrency, Bitcoin liquidations were approximately $77.92 million and Ethereum liquidations were approximately $49.09 million.
GateNews1h ago
