Canaan buys 49% stake in three Texas mining sites for $40M

CoinTelegraph

by Amin Haqshanas

February 24, 2026

AI-Generated Deep Dive Summary

Canaan, a leading Bitcoin mining hardware manufacturer, has significantly expanded its infrastructure footprint by acquiring a 49% stake in three Texas-based mining facilities from Cipher Mining for $39.75 million. These facilities, collectively known as the "ABC Projects" (Alborz LLC, Bear LLC, and Chief Mountain LLC), boast a combined power capacity of 120 MW and a hashrate of 4.4 EH/s. The transaction marks Canaan's strategic move to enhance its operational capabilities in the mining sector, with WindHQ retaining the remaining 51% ownership. This acquisition underscores Canaan's growing focus on acquiring high-quality, low-cost power assets, particularly in Texas, where favorable regulations and access to cheap electricity make it a prime location for mining operations. By purchasing Cipher Mining's stake, Canaan aims to leverage its proprietary technology to improve efficiency and scalability within the industry. The move aligns with Canaan's long-term strategy to strengthen ties with critical infrastructure, as highlighted by Nangeng Zhang, the company's CEO. This partnership not only positions Canaan for sustained growth but also signals a commitment to innovative mining practices. WindHQ's involvement adds an eco-friendly dimension, appealing to investors prioritizing sustainable energy solutions

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Originally published on CoinTelegraph on 2/24/2026