Canaan has strengthened its position in the U.S. market. The company finalized a transaction with Cipher Mining. It acquired a 49% stake in ABC Projects. The deal value reached approximately $39.75 million. Payment was made in American depositary shares. Cipher will receive 53.7 million ADS. The agreed price per share was $0.7394. Both parties accepted a six-month lock-up. And, thus, the agreement quickly drew industry attention.
ABC Projects operates three data centers in Texas. Their combined capacity totals 120 megawatts. Reported hashrate stands near 4.4 EH/s. Energy pricing remains a critical advantage. The average electricity cost is below $0.03 per kWh. This level supports competitive bitcoin mining economics. However, majority ownership will remain with WindHQ.
Canaan also purchased mining hardware. The company acquired 6,840 Avalon A15Pro ASIC miners. These units previously ran at Black Pearl. The facility is now undergoing conversion. Cipher is redesigning the site for AI workloads. But parts of the infrastructure will continue supporting mining operations.
Market observers describe the move as strategic. Canaan secures direct exposure to U.S. energy assets. The company reduces geographic concentration risks. It also aligns with a broader industry shift. Mining firms increasingly combine AI and HPC services.
Key project metrics include:
CEO Nangeng Zhang framed the deal as a growth milestone. He emphasized North America as a priority region. Canaan aims to scale energy usage to 1 gigawatt. The target timeline extends to late 2026. And, thus, the firm deepens integration between mining and AI infrastructure.
Cipher CEO Tyler Page highlighted confidence in Canaan’s prospects. Still, equity markets reacted cautiously. Canaan shares fell 5.71% to $0.43. Over one month, losses approached 39%.
Analysts pointed to sector volatility. Yet operating performance improved markedly. Fourth-quarter revenue reached $196 million. Year-over-year growth totaled 121%. This marked Canaan’s strongest quarterly sales in three years.
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