I just read about an interesting move by Canaan in the Texas energy market. The company acquired a 49% stake in three mining facilities — Alborz, Bear, and Chief Mountain ( collectively called ABC Projects) — for $40 million. WindHQ retains a controlling 51%, but that doesn't change the essence: Canaan gains significant access to low-cost energy.

Regarding scale: these three facilities are already operating at 120 megawatts of power and generating 4.4 exahashes per second. Additionally, Canaan purchased 6,840 Avalon A15Pro mining rigs from Cipher Mining, which are being deployed at the Black Pearl site with the goal of transforming it into a data center for AI tasks.

This truly shows how the industry is evolving. As profit margins on pure mining shrink, players like Canaan, Hive, and others have started diversifying into AI infrastructure and cloud services. Texas is ideal for this — electricity costs less than 3 cents per kilowatt-hour, wind generation is available, and there's integration with the ERCOT grid. It provides a stable foundation for long-term operations.

Funding was carried out through an equity issuance: 806 million Class A shares (53.7 million ADSs) at $0.74 per ADS with a six-month lock-up period. Of course, this dilutes shares, but investors clearly see it as a smart bet on expansion in Texas.

Interestingly, CEO Nanjen Zhang described this as a “convergence of proprietary technology with critical infrastructure.” In other words, Canaan positions itself not just as a hardware manufacturer but as an operator of facilities prepared for the future.

Q4 2025 quarterly results support this story: revenue increased by 121% to $196.3 million, BTC mining revenue reached $30.4 million, and treasury expanded to 1,750 BTC. The company set a record of 14.6 EH/s of computational power for the quarter, with total installed capacity now at 9.91 EH/s.

The strategy is clear: establish a foothold in the low-cost energy corridor, scale equipment, and prepare for an AI-oriented future. ABC Projects give Canaan operational influence without excessive financial strain — 49% is enough for influence, but WindHQ’s 51% keeps the structure straightforward.

Next, it will be interesting to watch the deployment of 6,840 Avalon A15Pro rigs at Black Pearl, how ABC Projects impact quarterly results, and any new energy supply or expansion deals. If energy costs remain favorable and demand for AI infrastructure accelerates, this could be a pivotal move for Canaan.