PANews February 24 News, according to CoinDesk, Bitcoin miner manufacturer and mining infrastructure operator Canaan Inc. has reached an agreement with Cipher Mining to acquire a 49% stake in Cipher’s joint venture project ABC Projects in West Texas for $39.75 million in stock. The joint venture includes three operational Bitcoin mining farms: Alborz LLC, Bear LLC, and Chief Mountain LLC, with the remaining 51% held by WindHQ.
The transaction was completed through the issuance of 806.4 million Class A common shares (equivalent to 53.8 million American Depositary Shares), making Cipher a major shareholder of Canaan, with a six-month lock-up period for the shares.
The three mining farms have a total operational capacity of 120 MW, supporting approximately 4.4 EH/s of hash rate, with an energy efficiency ratio of about 25.7 J/TH. As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro miners previously deployed at Cipher’s Black Pearl facility, which is being transformed into an AI and high-performance computing data center.
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 Hits $69K Triggering $192M Liquidations As Traders Eye Next Move
_Bitcoin moved to $69K liquidated $103M in short positions within a $192M total market wipeout._
_Key liquidity clusters now sit between $66K–$69K and $71K–$74K creating a balanced market setup._
_Traders monitor whether BTC holds above $69K or targets lower liquidity near $66K._
Bitcoi
LiveBTCNews1h ago
Institutional Bitcoin Accumulation Continues with $767M Weekly ETF Inflows
Gate News bot message, Spot Bitcoin ETFs recorded $767.33 million in net inflows last week, representing the third consecutive week of institutional inflows. BlackRock led with $600.1 million in inflows, followed by Fidelity with $147.5 million and VanEck with $14.4 million.
Concurrently, MicroStr
GateNews1h ago
Bitcoin to $90,000? Top Analyst Outlines Bullish Case Following Recent Breakout - U.Today
Bitcoin has achieved a significant breakout, prompting analysts to set aggressive price targets. Will Meade predicts a rise to $90,000 based on current momentum, following a range-bound trading environment and consolidation, indicating bullish trends in the market.
UToday2h ago
