PANews February 24th reported that Canaan Inc. announced the acquisition of a 49% stake in the joint venture projects Alborz LLC, Bear LLC, and Chief Mountain LLC under Cipher Mining. The projects are located in western Texas, with a total power capacity of approximately 120 MW, corresponding to about 4.4 EH/s of computing power, and an energy efficiency of approximately 25.7 J/TH. The transaction price is about $39.75 million, to be paid by issuing approximately 806 million Class A common shares to Cipher (equivalent to about 53.76 million ADS), with a lock-up period of 6 months. Additionally, Canaan repurchased 6,840 Avalon A15Pro-AVG-221T miners from Cipher.
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