Canaan Acquires Cipher Mining's Texas Projects

Canaan Acquires 49% Stake in Cipher Mining's ABC Projects

Bitcoin mining hardware manufacturer Canaan has expanded its mining assets by acquiring a 49% stake in Cipher Mining's three mining projects in Texas for approximately $39.75 million. The deal includes the "ABC Projects," encompassing joint venture companies Alborz LLC, Bear LLC, and Chief Mountain LLC. After the agreement, Canaan holds 49% ownership, while renewable energy infrastructure company WindHQ retains 51%.

Texas Facilities: Low-Cost Wind Energy and AI Transformation

The facilities are already operational with a total power capacity of 120 megawatts and a 4.4 EH/s hash rate. Canaan also acquired 6,840 Avalon A15Pro mining rigs from Cipher; these devices were previously used at Cipher's Black Pearl site and are now being converted into an artificial intelligence and high-performance computing (AI-HPC) data center. The Texas facilities offer electricity costs below $0.03 per kilowatt-hour, wind energy production, and ERCOT market demand response capabilities.

Canaan's Financing and Record BTC Revenues

The acquisition was financed by Canaan's issuance of 806,439,900 Class A shares; this equates to 53,762,660 American Depositary Shares (ADS) at a price of $0.7394 per ADS with a six-month lock-up period. Canaan increased its revenue by 121.1% to $196.3 million in the fourth quarter of 2025; Bitcoin (BTC) mining revenue rose 98.5% to $30.4 million, and the treasury reached 1,750 BTC. The company achieved a record shipment of 14.6 EH/s. Canaan shares fell 5.7%.

BTC Movements and Market Analysis in the Mining Sector

Sector activity is increasing: Bitdeer reported zero BTC holdings as of February 20 (down from ~2,000 BTC at year-end), Turkish Net Holding ranked 74th among institutions with 352 BTC. MicroStrategy's Saylor strategy bases BTC purchases on common shares. BTC price $63,278 (-3.68%), RSI 29.54 (oversold), downtrend. Supports: $60,024 (strong, -5%), $49,684. Resistances: $64,633 (+2.2%), $78,962. BTC futures pay attention to volatility: detailed BTC analysis recommended.