Company executives described the projects as a solid base for long-term growth
Bitcoin hardware manufacturer Canaan has expanded its US footprint by acquiring Cipher Mining’s 49% interest in three Texas-based mining ventures for $39.75 million. The assets, known collectively as the ABC Projects, include Alborz LLC, Bear LLC, and Chief Mountain LLC. Following the transaction, Canaan shares ownership with WindHQ, which holds the remaining 51% stake.
The facilities are already up and running, delivering a combined 120 megawatts of power capacity and roughly 4.4 exahashes per second of computing strength. Canaan also picked up 6,840 Avalon A15Pro mining machines as part of the deal. Those units had been operating at Cipher’s Black Pearl site, which is now being repurposed for artificial intelligence and high-performance computing use.
Company leadership said the move strengthens Canaan’s position in Texas, where energy costs remain competitive. The sites reportedly secure electricity for less than three cents per kilowatt-hour and benefit from wind generation and demand-response participation in the ERCOT grid.
The acquisition was funded through equity rather than cash. Canaan issued more than 806 million Class A shares, equivalent to over 53 million American Depositary Shares, priced at $0.7394 each. The shares are subject to a six-month lockup period.
The expansion follows a strong fourth quarter in 2025 for the company. Revenue jumped more than 120% year over year to $196.3 million, supported by higher hardware shipments and improved mining output. Mining revenue alone rose nearly 99%, and Canaan’s bitcoin holdings increased to 1,750 BTC.
The broader mining sector continues to diversify as margins tighten. Several operators are redirecting infrastructure toward AI and cloud computing. Canaan said its latest investment also supports grid stability efforts as demand from data centers continues to grow.
