Canaan acquires 49% stake in Texas BTC mining joint venture

Bitcoin mining hardware manufacturer Canaan has acquired a 49% stake from Cipher Mining in a joint venture (JV) comprising three Bitcoin mining projects in West Texas, The Block reported. The transaction gives Canaan a 49% stake in the ABC project, which comprises Alborz LLC, Bear LLC, and Chief Mountain LLC. The remaining 51% is held by partner WindHQ. The mining facilities have a total power capacity of 120 MW and a hashrate of approximately 4.4 EH/s. In addition, Canaan purchased 6,840 mining rigs from Cipher Mining.