PANews reported on February 24th that, according to CoinDesk, Bitcoin mining rig manufacturer and mining infrastructure operator Canaan Inc. has reached an agreement with Cipher Mining to acquire a 49% stake in Cipher's West Texas ABC Projects joint venture for $39.75 million in stock. The joint venture comprises three operating Bitcoin mining farms: Alborz LLC, Bear LLC, and Chief Mountain LLC. The remaining 51% is held by WindHQ.

The transaction was completed through the issuance of 806.4 million Class A ordinary shares (equivalent to 53.8 million American Depositary Shares), making Cipher a major shareholder of Canaan. The acquired shares are subject to a six-month lock-up period. The three mining farms operate with a combined 120 MW of power capacity, supporting approximately 4.4 EH/s of hashrate and an energy efficiency ratio of approximately 25.7 J/TH. As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs previously deployed at Cipher's Black Pearl facility, which is being transformed into an AI and high-performance computing data center.