Group 1 - Canaan Inc. has expanded its North American presence by acquiring a 49% equity interest in three West Texas mining projects from Cipher Mining for approximately $39.75 million, funded by issuing over 800 million Class A ordinary shares [1][2][5] - The acquisition includes 6,840 Avalon A15Pro mining rigs, providing Canaan with access to 120 MW of operational power capacity and an operating hashrate of approximately 4.4 EH/s, benefiting from low power costs averaging below 3 cents per kWh [2][5] - The partnership with WindHQ, which retains a 51% stake, allows Canaan to integrate its ASIC technology with localized energy infrastructure expertise, marking a strategic shift towards an asset-heavy energy model focused on direct US power applications [5][6]

Another consolidation move is unfolding in West Texas, and this time, it is reshaping ownership inside one of the region’s active Bitcoin (BTC) mining clusters. Canaan Inc. (NASDAQ: CAN), the Singapore-based manufacturer of Bitcoin mining hardware and operator of crypto infrastructure, has acquired a 49% equity interest in a joint venture tied to multiple mining projects in West Texas from Cipher Mining (NASDAQ: CIFR). Cipher is a U.S.-based Bitcoin miner that develops and operates large-scale data cent ...