Canaan Completes $39.75 Million Acquisition of Cipher Mining Project Equity Financing

Odaily News Canaan Technology announced the completion of a $39.75 million financing round. Through the issuance of 806,439,900 Class A ordinary shares (approximately 53,762,660 ADS) to Cipher Mining, it acquired a 49% equity stake in Cipher Mining's three Bitcoin mining farm projects in West Texas (ABC Project: Alborz LLC, Bear LLC, Chief Mountain LLC). The primary business of this project is operating Bitcoin mining farms with a total power capacity of 120 MW and a total hashrate of approximately 4.4 EH/s. The transaction also includes Canaan Technology's repurchase of 6,840 mining machines from Cipher Mining. These machines were originally planned for deployment at the Black Pearl site, which is currently being transformed into an AI data center. Upon completion of the transaction, Cipher Mining becomes a significant shareholder of Canaan Technology, with its shareholding subject to a six-month lock-up period.