Back
Canaan Acquires 49% Stake in Cipher Mining Joint Ventures for $39.75 Million

Canaan Acquires 49% Stake in Cipher Mining Joint Ventures for $39.75 Million

According to the company’s official announcement, the stock-based deal grants Canaan access to 120 MW and 4.4 EH/s across three West Texas sites, while making Cipher a major shareholder subject to a six-month lockup.

BTC

Fact Check
The official corporate press release from Canaan Inc., issued via PRNewswire, clearly reports that Canaan acquired a 49% ownership (equity) interest in Cipher Mining’s joint ventures in West Texas. This serves as a direct and authoritative confirmation of the equity portion of the statement. Multiple independent outlets—including The Block, Bitget, and MEXC—reported consistent details, citing the same official announcement. Among these, Bitget’s report specifically attributes an approximate transaction value of $39.75 million to the acquisition, aligning with the statement under assessment. No reviewed sources contradict the existence of the 49% stake acquisition, and secondary reports consistently reinforce both the percentage stake and the approximate valuation. While only one secondary outlet explicitly quantifies the purchase price, the figure is plausible and directly tied to Canaan’s press release data. Therefore, the statement as a whole—that Canaan acquired a 49% ownership stake in Cipher Mining joint ventures for $39.75 million—is highly likely to be true based on corroborating evidence and the authority of the primary announcement.
Summary

Canaan Inc. announced it has acquired a 49% stake in Cipher Mining’s ABC Projects in West Texas for $39.75 million in stock, according to the company’s official statement. The transaction covers three operating Bitcoin mining facilities with a combined 120 megawatts (MW) of power capacity and 4.4 exahashes per second (EH/s) of hashrate. As part of the deal, Cipher becomes a major Canaan shareholder and agreed to a six-month lockup on the newly issued shares. The acquisition expands Canaan’s operational exposure to U.S.-based Bitcoin mining infrastructure while aligning the two companies through equity participation.

Terms & Concepts
  • Hashrate: The total computational power used in Bitcoin mining to validate transactions and secure the blockchain, typically measured in hashes per second.
  • Bitcoin mining: The process of verifying Bitcoin transactions and adding them to the blockchain through computational work performed by specialized hardware.
  • Lockup: A contractual restriction that prevents shareholders from selling newly issued shares for a specified period following a transaction.