Canaan Creative Acquires Cipher Mining's Texas Mining Facility for Around $40 Million

BlockBeats News, February 24th, Canaan Inc. announced that it has acquired a 49% equity interest in three operational Bitcoin mining projects in West Texas by Cipher Mining. WindHQ will continue to hold a 51% majority stake, with Canaan Inc. partnering with them. The transaction was valued at approximately $39.75 million and was all completed through non-cash means. Canaan Inc. 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 operational hash rate. Canaan Inc. has also additionally purchased 6,840 mining machines from Cipher. These machines were originally purchased by Cipher from Canaan Inc. in July 2025 and were deployed at Cipher's Black Pearl site, which is currently being transformed into an AI-HPC data center.