Canaan Inc. Acquires Stake in Cipher Mining Projects in Texas

Canaan Inc. has announced the acquisition of a 49% stake in Cipher Mining's joint venture projects, Alborz LLC, Bear LLC, and Chief Mountain LLC, located in West Texas. According to PANews, these projects have a combined power capacity of approximately 120 MW and a computing power of about 4.4 EH/s, with fleet efficiency around 25.7 J/TH. The transaction is valued at approximately $39.75 million and will be settled by issuing around 806 million Class A ordinary shares to Cipher, equivalent to about 53.76 million ADS, with a lock-up period of six months. Additionally, Canaan has repurchased 6,840 Avalon A15Pro-AVG-221T mining machines from Cipher.