I just noticed an interesting move from the mining hardware manufacturer Canaan. A few months ago, they invested approximately $40 million to acquire a 49% stake in three mining operations in Texas, known as the ABC Projects. Along with partner WindHQ holding 51%, these three facilities are now operating with a total capacity of 120 MW and a hashrate of 4.4 EH/s.

What’s quite impressive is that Canaan isn’t stopping there. They’ve also purchased nearly 7,000 Avalon A15Pro machines to boost mining power. At the same time, Cipher Mining’s Black Pearl facility has been converted into an AI-HPC data center, reflecting the industry’s overall trend — not just focusing on Bitcoin but also pushing into AI.

Operational conditions there are quite advantageous. These projects benefit from electricity prices below $0.03 per kWh thanks to integration with wind power and the ERCOT grid regulation system. That’s why mining companies are focusing on Texas.

Looking at financial performance, in Q4 last year, Canaan reported a 121% increase in revenue to $196.3 million. This figure indicates that the market is recovering strongly. Not only Canaan, but the entire industry is also entering an expansion phase, with companies like MARA Holdings shifting toward AI.

It seems Canaan’s strategy is to strengthen traditional mining capacity while preparing for the future with AI-HPC. This deal was financed through equity issuance, showing they are betting heavily on growth. If this trend continues, companies like Canaan could gain a significant competitive advantage.