I just noticed an interesting move by Canaan in the mining market. This company recently purchased a 49% stake in three mining projects in Texas through Cipher Mining, valued at $40 million.

What’s attractive is Canaan’s strategic position in tying itself to low-cost energy resources. The ABC project ( includes Alborz, Bear, and Chief Mountain ), operated with approximately 120 MW of power and providing a mining capacity of 4.4 EH/s at less than 3 cents per kilowatt-hour. Such energy prices in the current environment are valuable resources.

In addition to the stake, Canaan also received 6,840 Avalon A15Pro miners from the original construction, which will be converted into an AI-HPC data center at the Black Pearl site. This reflects a broader industry trend: miners are shifting into AI and cloud services to avoid profit margin risks from mining.

According to the latest financial figures, Canaan reported a 121.1% increase in revenue in Q4 2025 to $196.3 million. Revenue from Bitcoin mining alone reached $30.4 million. The company expanded its reserves to 1,750 BTC and shipped a processing capacity of 14.6 EH/s, an all-time high.

Canaan’s funding structure involved issuing 806.4 million Class A shares, equivalent to 53.7 million ADS, at $0.7394 per ADS, with a six-month lock-up period. This move indicates the company’s serious commitment to long-term expansion.

Notably, while Canaan holds 49%, WindHQ remains the major shareholder with 51%. This structure gives Canaan operational influence while maintaining clear governance, which is crucial for sustainable scaling.

Overall, this move by Canaan exemplifies how crypto miners are shifting from solely mining to becoming diversified data center operators. By combining mining capacity, AI-ready hardware, and low-cost energy, Canaan is building a solid foundation for growth amid rising demand for data centers.