Canaan’s Big Texas Move: More Mining, More Power, But Stock’s Still a Little Grumpy

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Key Highlights

  • Canaan snags 49% of Texas ABC Projects. They’re now getting 120 MW of power and 4.4 EH/s of Bitcoin mining action for that sweet, sweet expansion.
  • Teaming up with WindHQ to dominate Texas’ energy scene. It’s cheap, it’s flexible, and it’s got AI in the mix-because why not?
  • Okay, Canaan’s stock took a little dip (5.7%), but hey, they still made $150.5M in Q3. Who’s really winning here?

So, here we are: Canaan Inc., the crypto mining company that thinks big, is expanding its footprint in North America. They’ve grabbed Cipher Mining Technologies’ 49% equity in the ABC Projects. This includes Alborz, Bear, and Chief Mountain LLC. What does that mean? Well, Canaan now has direct access to 120 MW of operational power in West Texas. Big deal, right?

Now, the sites have the ability to mine around 4.4 exahashes per second. If you’re wondering what that even means, it’s basically how much Bitcoin computing power they’ve got. Their gear runs okay, but let’s face it: they could probably use an upgrade. They’re working on it.

On top of that, Canaan bought a whopping 6,840 Avalon A15Pro-AVG-221T mining rigs from Cipher. These machines have seen better days-used at Cipher’s Black Pearl site-but hey, they’re now headed to a data center where they’ll help with some AI and high-performance computing. So, nothing too fancy there.

The $39.75 million deal was financed by issuing 806.4 million Class A shares to Cipher. That translates to about 53.76 million American Depositary Shares at a measly $0.7394 each. These shares are locked for six months, so don’t get too excited.

And then there’s Nangeng Zhang, Canaan’s chairman and CEO, who’s all hyped up about the deal. He’s like, “This acquisition is a disciplined expansion of our North American digital asset footprint.” Yeah, okay, Nangeng. We get it. You’re expanding.

Strategic power and operational synergy

The ABC Projects? They’re all about cheap and reliable power, folks. Bear and Chief offer electricity for less than 3 cents per kilowatt-hour. Plus, Alborz has some off-grid wind power going on, which, you know, might be cool if you’re into that sort of thing.

Now, Canaan’s teaming up with WindHQ, who owns 51% of the projects. WindHQ brings their wind energy experience and data center skills to the table. Together, they’re making Texas the place to be for cheap, green energy-and Bitcoin mining, obviously. They’ve got this whole smart power management thing going on, where they can adjust energy use based on price swings. Sounds like a good deal, right?

Tyler Page, Cipher’s CEO, threw in a nice little comment, saying, “We had to give these assets to a big player like Canaan who can actually pull off our long-term vision.” Oh, and by the way, they still have some skin in the game. So, you know, they’re not totally jumping ship.

Market performance and industry context

Let’s talk about Canaan’s stock for a second. According to Google Finance, their shares closed at $0.43, down 5.7%. It was a rough day, but they’re not giving up. After-hours trading showed a little bump, like 0.89%. So, yeah, it’s a rollercoaster.

But here’s the thing: the U.S. now controls 36% of the world’s Bitcoin mining power. That’s a lot of pressure. Everyone’s trying to get their hands on some of that sweet, sweet mining juice.

In other news, Canaan reported a solid $150.5 million in revenue for Q3 2025. That’s a 104.4% growth from last year, mostly thanks to the sale of mining machines and their growing independent mining operations. And let’s not forget Hive Digital, who’s also showing some nice growth. It’s a competitive space, folks.

Oh, and just to throw some extra weirdness into the mix, Singapore-based Bitdeer recently sold all their Bitcoin. Weird, right? But don’t worry, they clarified that it’s no big deal. They’re still mining and expanding. Sure, sure, whatever helps you sleep at night.

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2026-02-24 09:56