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Canaan acquires a 49% stake in Cipher Mining's Bitcoin mining project in Texas for approximately $39.75 million
Deep Tide TechFlow News, February 24 — According to The Block, mining hardware manufacturer Canaan has acquired a 49% stake in three joint venture Bitcoin mining projects in West Texas owned by cryptocurrency mining company Cipher Mining.
The deal is valued at approximately $39.75 million, with Canaan completing the payment by issuing company stock, making Cipher Mining a significant shareholder of Canaan. After the transaction is completed, Canaan will take full control of these Bitcoin mining projects in West Texas.