Canaan expands U.S. mining operations with purchase of Cipher’s Texas JV stake
CoinDesk
by James Van StratenFebruary 24, 2026
AI-Generated Deep Dive Summary
Canaan Inc., a leading manufacturer of bitcoin mining hardware and operator of crypto mining infrastructure, has expanded its U.S. operations by acquiring Cipher Mining's 49% stake in a West Texas joint venture for $39.75 million worth of Canaan shares. This move positions Cipher, a U.S.-based bitcoin mining company, as a major shareholder in Canaan, which is headquartered in Singapore. The transaction includes three entities—Alborz LLC, Bear LLC, and Chief Mountain LLC—and gives Canaan control over 120 megawatts of energized power capacity, supporting approximately 4.4 exahashes per second (EH/s) of hashrate with a fleet efficiency of about 25.7 joules per terahash (J/TH). Additionally, Canaan purchased 6,840 Avalon A15Pro mining rigs from Cipher’s Black Pearl facility, which is being repurposed as an AI and high-performance computing data center.
The deal highlights the strategic importance of West Texas for crypto mining operations due to its favorable power infrastructure. By acquiring Cipher's stake, Canaan aims to
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Originally published on CoinDesk on 2/24/2026