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
Tether Withdraws 951 BTC Worth $70.47M from Major CEX, Holds $7.2B in Bitcoin Reserves
Tether's BTC reserve address withdrew 951 BTC valued at $70.47 million, part of Q1 2026 purchases. It now holds 97,141 BTC worth around $7.2 billion, making it the fifth-largest BTC wallet with unrealized gains of $2.175 billion.
GateNews49m ago
BTC 15-minute drop of 0.62%: Exchange net inflows and liquidity depletion in sync trigger selling pressure
2026-04-15 14:30 to 2026-04-15 14:45 (UTC), the BTC price’s return over 15 minutes was -0.62%. The quoted range was 73,905.4 to 74,448.0 USDT, with a swing of 0.73%. Market volatility quickly intensified, drawing widespread attention from investors, and short-term trading activity became active.
The main driver behind this unusual movement was BTC net inflows to exchanges. On-chain data shows that during this period, about 6 BTC ($420,690) moved into exchanges, combined with the fact that the market’s overall order book depth has been continuing since February
GateNews2h ago
Bitcoin, Ethereum and Solana ETFs Record Positive Net Inflows on April 15
Gate News message, according to the April 15 update, Bitcoin ETFs recorded a single-day net inflow of 4,566 BTC (approximately $337.41 million) and a 7-day net inflow of 6,753 BTC (approximately $499.04 million). Ethereum ETFs saw a single-day net inflow of 23,405 ETH (approximately $54.37 million)
GateNews3h ago
BTC 15-minute drop of 0.70%: Increased ETF fund outflows and a coordinated sell-pressure trigger from derivatives position adjustments
From 2026-04-15 13:30 to 13:45 (UTC), the BTC price fluctuated within the range of 73,846.3 to 74,415.9 USDT. Within 15 minutes, the return recorded -0.70%, with an amplitude of 0.77%. During this period, market volatility intensified, trading volume and on-chain transfers heated up significantly, and market participants’ risk sensitivity increased.
The main driving force behind this unusual move was a sharp increase in ETF fund outflows. Data shows that on 2026-04-13, U.S. spot Bitcoin ETFs recorded net outflows of -231.7 million dollars, far above the one-week average
GateNews3h ago
Canaan Creative Reports 89 BTC Mining Output in March, Holdings Reach 1,808 BTC
Canaan Creative reported producing 89 BTC in March 2023, with total holdings of 1,808 BTC and 3,952 ETH. The company increased its global mining capacity by over 10 megawatts, reaching a total of 266.3 megawatts.
GateNews3h ago
Strive Raises SATA Dividend to 13%, Adds 27 Bitcoin to Bring Total Holdings to 13,768 BTC
Strive, a Nasdaq-listed bitcoin treasury company, is raising its Series A Preferred Stock dividend to 13.00%. It also acquired 27 additional bitcoins, totaling 13,768 BTC, ensuring dividend payments can be supported for about 19.6 years.
GateNews4h ago
