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Wu said that Canaan Technology (Canaan) announced the acquisition of a 49% stake in Cipher Mining (NASDAQ: CIFR) in the Alborz, Bear, and Chief Mountain mining farm projects (ABC Projects) for approximately $39.75 million. The projects are located in western Texas, with a total power capacity of 120 MW and currently operating computing power of about 4.4 EH/s. Canaan also purchased 6,840 Avalon A15Pro mining machines.