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.