Canaan to Acquire Cipher Mining's Texas-Based Mining Facility for Around $40 Million

BlockBeats News, February 24th, Canaan Technology announced that it has acquired a 49% stake in three operational Bitcoin mining projects in West Texas owned by Cipher Mining. WindHQ will continue to hold a 51% majority stake, and Canaan Technology has formed a partnership with them. The transaction was valued at approximately $39.75 million and was all completed through non-cash methods. Canaan Technology will issue approximately 8.064 billion shares of Class A common stock to Cipher.

The total power capacity of the acquired projects is 120 MW, supporting approximately 4.4 EH/s of operating hash rate. Canaan Technology has also purchased an additional 6,840 mining machines from Cipher. These machines were originally purchased by Cipher from Canaan Technology in July 2025 and were deployed at Cipher's Black Pearl site, which is currently being transformed into an AI-HPC data center.