Canaan Buys 49% of Texas Bitcoin Mines for $40M
Canaan has invested $40 million to acquire a 49% equity stake in three active Bitcoin mining sites in Texas, bringing 120 MW of power capacity and roughly 4.4 EH/s of hashrate under its economic interest. The facilities are already operational, so the move gives Canaan immediate exposure to mining cash flows and production rather than purely relying on ASIC sales.
The deal represents a deliberate shift toward vertical integration and recurring revenue, aligning Canaan with a broader industry trend of equipment makers taking ownership or partnering on mining operations. Operating in Texas — a market known for competitive power and supportive policy — could improve margins and offer the company more flexibility in offering hosting or managed-mining services. For investors and users, the move diversifies Canaan’s business model and strengthens its position in the Bitcoin infrastructure ecosystem.