Canaan Acquires Cipher Mining's Texas Bitcoin Mining Stake

Canaan Inc. has acquired a 49% stake in three operational Bitcoin mining projects in West United States===Texas from Cipher Mining for approximately $39.75 million. The transaction was completed through the issuance of Canaan Inc. shares to Cipher Mining, making Cipher Mining a significant shareholder in Canaan Inc. The acquired assets, known as the ABC Projects (Alborz LLC, Bear LLC, and Chief Mountain LLC), have a combined power capacity of 120 MW and deliver 4.4 EH/s of Bitcoin mining hashrate, benefiting from sub-3¢ per kWh contracted power in the United States===Electric Reliability Council of Texas grid. Canaan Inc. also purchased 6,840 Avalon A15Pro mining rigs from Cipher Mining, which were previously deployed at Cipher Mining's Black Pearl site, now being converted into an AI and high-performance computing data center. This acquisition marks a strategic shift for Canaan Inc. towards a vertically integrated operator model with direct exposure to U.S.-based infrastructure and low-cost energy, while Cipher Mining focuses its capital on AI and HPC operations.