Canaan Secures $39.75 Million Funding for Bitcoin Mining Projects

Canaan Technology has announced the completion of a $39.75 million funding round. According to Odaily, the company acquired a 49% stake in three Bitcoin mining projects in West Texas, known as the ABC projects: Alborz LLC, Bear LLC, and Chief Mountain LLC. This acquisition was made through the issuance of 806,439,900 Class A ordinary shares, equivalent to approximately 53,762,660 ADS, to Cipher Mining. The projects collectively operate Bitcoin mining farms with a total power capacity of 120 MW and a hash rate of about 4.4 EH/s. As part of the transaction, Canaan also repurchased 6,840 mining machines from Cipher Mining, which were initially intended for deployment at the Black Pearl site, now transitioning into an AI data center. Following the transaction, Cipher Mining has become a significant shareholder in Canaan, with its shares subject to a six-month lock-up period.