Canaan Inc. acquired a 49% stake in a Bitcoin mining joint venture located in West Texas from Cipher Mining with stocks valued at $39.75 million, thereby gaining a stake in a mine with a 120 MW capacity and approximately 4.4 EH/s of hash rate. The deal also includes 6,840 Avalon A15Pro miners in a mining farm being converted for artificial intelligence computing by Cipher. Following the announcement, Cipher's stock price rose by 6.41%, and Canaan's stock price increased by 7.95%.
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Canaan Inc. acquired a 49% stake in a Bitcoin mining joint venture located in West Texas from Cipher Mining with stocks valued at $39.75 million, thereby gaining a stake in a mine with a 120 MW capacity and approximately 4.4 EH/s of hash rate. The deal also includes 6,840 Avalon A15Pro miners in a mining farm being converted for artificial intelligence computing by Cipher. Following the announcement, Cipher's stock price rose by 6.41%, and Canaan's stock price increased by 7.95%.