Canaan (CAN) has acquired Cipher Mining Technologies Inc.’s (NASDAQ: CIFR) 49% stake in three fully operational West Texas mining projects, marking a significant step in its strategy to integrate low-cost power with high-performance computing.

The transaction, valued at approximately $39.75 million, according to a note shared with Bitcoin Magazine, was completed entirely through the issuance of Canaan shares, priced at $0.7394 per American Depositary Share (ADS), giving Cipher a meaningful equity position in Canaan.

The assets acquired — Alborz LLC, Bear LLC, and Chief Mountain LLC — operate a combined 120 MW of power capacity and deliver a total of 4.4 EH/s of Bitcoin…

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