Canaan, a leading mining equipment manufacturer, announced the strategic acquisition of a 49% stake in the Texas-based joint venture ABC Projects from miner Cipher Mining. The total transaction value was approximately $39.75 million, with Canaan's own shares (53.7 million American Depositary Receipts) being paid for not in cash. This move is aimed at strengthening the Chinese giant's position in the North American market and is part of a global plan to expand its infrastructure.

Canaan will acquire three state-of-the-art data centers in Texas, with a combined capacity of 120 MW and a computing power of 4.4 EH/s. A key economic advantage of these facilities is the extremely low cost of electricity, not exceeding $0.03 per kWh, which is critical given the current difficulty of Bitcoin mining. WindHQ retains a controlling stake in the company, but Canaan gains direct access to high-margin mining capacity in one of the most favorable regions for the crypto industry.

In addition to the stake in the company, the deal includes the purchase of 6,840 Avalon A15Pro devices previously operated at the Black Pearl facility. The former owner of the facilities, Cipher, has decided to repurpose its vacated space for high-performance computing for artificial intelligence. This trend is shared by Canaan CEO Nangen Zhang, who plans to increase the company's total energy consumption to 1 GW by the end of 2026, combining traditional mining with infrastructure maintenance for the AI ​​sector.

Despite impressive operational success and record quarterly revenue of $196 million over the past three years, Canaan's market price remains under significant pressure. Following the news, the company's shares fell 5.71% to $0.43, reflecting a nearly 40% decline in the stock price over the past month. However, Cipher Mining's management expressed confidence in Canaan's long-term potential, agreeing to a six-month lockup of the shares received as part of the deal, underscoring their belief in the recovery of the company's market capitalization in the US.