Canaan acquires shares of Cipher Mining project for $39.75 million

Canaan Technology announced the acquisition of a 49% equity stake in Cipher Mining Technologies' joint mining projects—Alborz LLC, Bear LLC, and Chief Mountain LLC (ABC Projects)—for a transaction consideration of approximately $39.75 million. The ABC Projects are located in West Texas, USA, with a power capacity of 120MW, supporting approximately 4.4 EH/s of computing power. Canaan Technology completed the payment by issuing 806,439,900 Class A ordinary shares (equivalent to 53,762,660 American Depositary Shares, with a six-month lock-up period).