Another consolidation move is underway in West Texas, and this time it’s reshaping ownership of one of the area’s active Bitcoin (BTC) mining clusters.
Singapore-based Bitcoin mining hardware manufacturer and crypto infrastructure operator Canaan Inc. (NASDAQ: CAN) has acquired a 49% stake from Cipher Mining (NASDAQ: CIFR) in a joint venture related to multiple mining projects in West Texas.
Cipher is a U.S.-based Bitcoin miner that develops and operates large-scale data centers.
The price of the transaction was US$39.75 million, all paid in stock.
Related: What is Bitcoin Mining? explain
The deal covers Cipher’s interests in ABC Projects, Alborz LLC, Bear LLC and Chief Mountain LLC.
WindHQ owns the remaining 51% of the joint venture.
With this deal, Canaan has deepened its presence in Texas, which has become one of the most important Bitcoin mining centers in North America.
The sites operate a total of 120 megawatts of power capacity, supporting approximately 4.4 exahashes per second (EH/s) of computing power.
Fleet efficiency is approximately 25.7 Joules per terahash (J/TH), placing the assets within a competitive efficiency range for large-scale operations.
The new deal comes just months after Cipher Mining signed a $5.5 billion, 15-year deal with Amazon Web Services (AWS) to provide power and space for artificial intelligence (AI) workloads.
The acquisition was funded through the issuance of 806.4 million Class A ordinary shares (equivalent to 53.8 million American depositary shares). The lock-up period for the newly issued shares is six months.
After the news was announced, Cipher’s share price rose 6.41%, while Canaan’s share price rose 7.95% on February 24.
Cipher plans to report fourth-quarter earnings before the market opens on Feb. 24, giving investors another checkpoint to evaluate the company’s broader strategy.
There is another layer to the transaction.
As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs, which were previously deployed at Cipher’s Black Pearl facility.
The site is being transformed into an artificial intelligence and high-performance computing data center, a shift that reflects broader industry trends.
Related: Leading Miners Give Up on Bitcoin
This article was originally published by TheStreet on February 24, 2026, and first appeared in the Markets section. Click here to add TheStreet as your preferred source.
