Just caught wind that Canaan picked up Cipher's stake in that West Texas mining operation for like $39.75M in stock. Pretty interesting move in the mining consolidation space - these guys are basically building out their hardware and mining footprint at the same time. You know how bitcoin machines near me are becoming more scattered across different mining pools and operators? This is that game playing out at scale. The deal structure using stock instead of cash says something about how these companies are valuing themselves too. Wonder if we'll see more of this kind of vertical integration as mining gets more competitive. Not sure if this changes the overall hashrate distribution much but definitely worth watching how these mining ventures shake out over the next quarter or two.