PANews reported on February 24th that, according to PR Newswire, Canaan Inc. announced the acquisition of a 49% stake in Cipher Mining's joint ventures Alborz LLCPANews reported on February 24th that, according to PR Newswire, Canaan Inc. announced the acquisition of a 49% stake in Cipher Mining's joint ventures Alborz LLC
Canaan acquires 49% stake in Texas Bitcoin mining farm for approximately US$39.75 million.
PANews reported on February 24th that, according to PR Newswire, Canaan Inc. announced the acquisition of a 49% stake in Cipher Mining's joint ventures Alborz LLC, Bear LLC, and Chief Mountain LLC. The projects are located in West Texas, USA, with a combined power capacity of approximately 120 MW, corresponding to a hashrate of approximately 4.4 EH/s and a fleet efficiency of approximately 25.7 J/TH. The transaction price is approximately US$39.75 million, and will be achieved through the issuance of approximately 806 million Class A ordinary shares to Cipher (equivalent to approximately 53.76 million ADSs), with a six-month lock-up period. In addition, Canaan will repurchase 6,840 Avalon A15Pro-AVG-221T mining rigs from Cipher.
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