Canaan has purchased a 49% stake in three operating Bitcoin mining projects in Texas for $39.75 million, expanding its footprint beyond hardware manufacturing into infrastructure operations. The assets, known as the ABC Projects, include 120 megawatts of power capacity and approximately 4.4 EH/s of hashrate, with renewable-focused partner WindHQ retaining a 51% stake.
The deal also includes 6,840 deployed Avalon A15Pro mining rigs and access to low-cost electricity priced below $0.03 per kilowatt-hour within the ERCOT grid. The acquisition was financed through a share issuance, reflecting a capital-light strategy to secure long-term exposure to operational power and scalable mining capacity in a competitive market environment.
The move aligns with a broader industry trend of miners vertically integrating into energy and infrastructure as margins tighten and institutional competition increases. With several mining firms reallocating power assets toward AI and high-performance computing, Canaan’s investment highlights the growing convergence between crypto mining, energy markets, and data center infrastructure.
