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
Bitcoin rises, Dubai property prices plummet: retreating over 18% from February highs, war impacts global asset allocation
Since the outbreak of the Iran war, Bitcoin prices have rebounded, rising approximately 5.4% in total; meanwhile, the Dubai real estate market has declined by 18.1% due to missile attacks and foreign capital withdrawals. High-net-worth investors are fleeing, coupled with expectations of a surge in future supply, leading to a general decline in housing prices. Overall, the war is reshaping regional risks and has a profound impact on global asset allocation.
GateNews9m ago
Trump-supported company American Bitcoin executive increases holdings by 68,000 shares, demonstrating long-term confidence in Bitcoin
American Bitcoin mining company ABTC board member Richard Busch increased his stake by 68,000 shares, demonstrating confidence in the company's long-term strategy. ABTC focuses on Bitcoin self-mining and reserves, currently holding approximately 6,500 Bitcoins. Despite the stock price declining due to market volatility, analysts believe the increased holdings could have a positive impact on investor sentiment.
GateNews10m ago
Santiment: Due to war panic and uncertainty surrounding the "Clarity Act," the number of Bitcoin short positions significantly exceeds long positions.
Gate News Report, March 10 — According to Santiment data, due to war panic and uncertainty surrounding the "Clarity Act," traders are inclined to heavily short, with Bitcoin short positions significantly exceeding long positions.
GateNews12m ago
Rising oil prices spark heated discussion in the crypto community: Will Bitcoin become an inflation hedge?
International oil price fluctuations have sparked heated discussions in the crypto community, focusing on the impact of oil prices on Bitcoin trends. Analysts believe that geopolitical risks and inflation pressures have made oil a focal point, with some traders expressing concern about Bitcoin's safe-haven properties, though doubts remain. Currently, market interest in altcoins is subdued, with main attention on macroeconomic trends and commodity movements.
GateNews17m ago
UK Politicians Bet on Bitcoin: Nigel Farage Invests £260,000 in Bitcoin Company
UK Reform Party leader Nigel Farage invested £260,000 in Bitcoin financial company Stack BTC to promote the development of the UK's crypto industry. He believes digital currencies will have a significant impact on the future financial system. This investment is seen as a mimic of the US collaboration model with the crypto industry. Despite increased market volatility, Stack BTC's stock price has risen approximately 83%, demonstrating its strong performance.
GateNews22m ago
10x Research: Circle's stock price has increased over 80% in three weeks. Recommended to watch for crypto stock short positions to find trading opportunities.
On March 10th, 10x Research analysis pointed out that Circle's stock price has risen over 80% since February 20th before the earnings report. Some hedge funds have reduced their positions but still incurred approximately $1 billion in losses. The research recommends investors pay attention to short positions in crypto stocks to identify potential trading opportunities, as short covering has significantly driven the rise of crypto stocks.
GateNews26m ago
