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

According to Odaily, Canaan Technology announced the completion of a $39.75 million financing round. By issuing 806,439,900 Class A ordinary shares (approximately 53,762,660 ADS) to Cipher Mining, Canaan acquired a 49% equity stake in Cipher's three Bitcoin mining farm projects in West Texas (the ABC Projects: Alborz LLC, Bear LLC, Chief Mountain LLC). The primary business of these projects is operating Bitcoin mining farms with a total power capacity of 120 MW and an aggregate hashrate of approximately 4.4 EH/s. The transaction also includes Canaan'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 a six-month lock-up period applied to the shares held.