Crypto World

Canaan expands U.S. mining operations with purchase of Cipher’s Texas JV stake

Published

5 hours ago

24 February 2026

Bitcoin (BTC) mining stocks rallied in January despite softer BTC prices: JPMorgan

Canaan Inc. (CAN), a manufacturer of bitcoin mining hardware and an operator of crypto mining infrastructure, said it bought a 49% equity interest in a joint venture tied to several mining projects in West Texas from Cipher Mining (CIFR) for $39.75 million in stock.

The transaction covers Cipher’s stake in the ABC Projects, which include Alborz LLC, Bear LLC and Chief Mountain LLC. The rest of the venture is owned by WindHQ, according to a Monday statement.

The purchase was funded through the issuance of 806.4 million Class A ordinary shares, equivalent to 53.8 million American depositary shares, and makes Cipher, a U.S.-based bitcoin mining company that develops and operates large-scale data centers, a major shareholder in Singapore-based Canaan. The shares are subject to a six-month lock-up.

Canaan shares fell 6% on Monday, while Cipher shares rose 4%. Cipher is scheduled to report fourth-quarter earnings before the market opens on Feb. 24.

The sites collectively operate 120 megawatts of energized power capacity and support approximately 4.4 exahashes per second (EH/s) of hashrate. Fleet efficiency stands at roughly 25.7 joules per terahash (J/TH).

As part of the agreement, Canaan also purchased 6,840 Avalon A15Pro mining rigs that were previously deployed at Cipher’s Black Pearl facility, which is being converted into an AI and high-performance computing data center.

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Crypto World

What Past Cycles Say Happens Before the Bottom

Published

48 seconds ago

24 February 2026

NewsAdmin

What Past Cycles Say Happens Before the Bottom

Bitcoin price dropped 25% in 2022 and 50% in 2018 after similar on-chain loss signals, a warning sign for BTC’s next move.

Bitcoin (BTC) traders are selling at a loss for the first time since 2022, raising odds that the biggest cryptocurrency’s ongoing price correction may deepen in the coming weeks.

Key takeaways:

Bitcoin is witnessing loss-driven selling that has historically lasted six months or more.
These signals surfaced during previous bear markets, preceding sharp downtrends each time.

BTC capitulation may last for another six months

On Monday, Bitcoin’s realized profit/loss ratio (90-day moving average) slipped below 1.

The drop indicated that traders were dumping their BTC holdings at a loss, which is often linked to panic selling, margin pressure, or broader risk-off conditions.

*BTC realized profit/loss ratio (90-day moving average). Source: Glassnode*

Historically, breaks below 1 preceded at least six months of loss realization, according to on-chain data resource Glassnode. Meanwhile, a move back above 1 usually suggests that selling pressure is easing.

Traders often sell at a loss when they expect the downtrend to continue. In prior bear markets, loss-taking typically accelerated midway through the cycle, followed by more downside in Bitcoin’s price.

During the 2022 bear market, for instance, BTC declined 25% six months after its realized profit/loss ratio dropped below 1. In 2018, it plunged by over 50% in five months under similar conditions, as shown below.

The BTC price may continue its downtrend for another five months or more if history repeats. That will confirm “a full transition into an excess loss-realization regime,” Glassnode wrote.

Bitcoin price may bottom around $44,000

Bitcoin’s rising loss-realization may, therefore, drag the BTC price into its “extreme low” valuation zones.

These lows exist within the MVRV Pricing Bands metric, which maps where Bitcoin reaches extreme unrealized profit or loss zones. Historically, its lowest band (the blue line) has coincided with Bitcoin bear market bottoms.