Bitcoin mining company Canaan has acquired a 49 percent stake in three active mining projects of Cypher Mining Technologies in Texas, marking a significant advancement in its strategy combining low-cost energy with high-performance computing. The deal, valued at approximately $39.75 million, was completed entirely through Canaan shares, making Cypher a major shareholder in Canaan. The projects, including Alborz LLC, Bear LLC, and Chief Mountain LLC, collectively offer 120 megawatts of power capacity and deliver a Bitcoin mining hash rate of 4.4 exahashes per second. The agreement also includes 6,840 Avalon A15 Pro mining rigs deployed at Cypher’s Black Pearl site, which is now being converted into a data center for artificial intelligence and high-performance computing. These projects benefit from electricity sourced from the Texas ERCOT grid at rates below three cents per kilowatt-hour, among the lowest in the United States, with off-grid wind power also utilized at the Alborz site. Additionally, the company has partnered with Wind HQ LLC, holding a 51 percent stake and experienced in wind energy and data centers, enhancing Canaan’s operational efficiency in the local market. Canaan’s Chairman and CEO Nangeng Zhang stated that this acquisition is a crucial step in expanding their digital asset presence in North America and advancing their energy strategy. By integrating Bitcoin mining with AI and high-performance computing, the company aims to increase returns on investment and secure long-term power supply. This move strengthens Canaan’s operational mining capacity and positions it to advance in the digital asset sector in Texas through a combination of low-cost energy and cutting-edge computing, addressing the growing demand for artificial intelligence in the future.
Source: bitcoinmagazine
