Canaan has announced the acquisition of a 49% stake in Cipher Mining's Alborz, Bear, and Chief Mountain projects in West Texas for approximately $39.75 million. These projects, collectively known as the ABC Projects, boast a total power capacity of 120 MW and currently operate at a hash rate of about 4.4 EH/s. In addition to the stake acquisition, Canaan has purchased 6,840 Avalon A15Pro mining machines.