Bitcoin mining hardware maker Canaan has acquired Cipher Mining’s 49% interest in Texas mining projects for $39.75 million, expanding its mining portfolio. The sites have a combined 120 MW power capacity and 4.4 EH/s of hashrate, with electricity costs below $0.03 per kWh. Canaan issued shares to fund the transaction.

Canaan reported a strong Q4 2025, with revenue up 121.1% YoY to $196.3 million. Bitcoin mining revenue rose 98.5% to $30.4 million, increasing its treasury to 1,750 BTC. It shipped 14.6 EH/s of computing power and expanded installed hashrate to 9.91 EH/s, supported by a large US institutional order.

Bitcoin miners are venturing into AI and cloud computing amid increasing profitability challenges. MARA Holdings acquired a majority stake in French firm Exaion, joining others like Hive and Hut 8 in shifting to data-center operations. Canaan’s new acquisitions aim to stabilize power grids amid growing data center demand.

Read more at Cointelegraph: Canaan Acquires Cipher Mining’s 49% Stake in Texas Mining Facilities