Jia Nan Technology completes $39.75 million acquisition of Cipher Mining project equity financing

Jia Nan Technology announced the completion of a $39.75 million financing, acquiring a 49% stake in three Bitcoin mining projects in West Texas by issuing 806,439,900 shares of Class A common stock (approximately 53,762,660 ADS) to Cipher Mining.

The main business of the project is operating a Bitcoin mining facility with a total power capacity of 120 MW and a total hash rate of approximately 4.4 EH/s. This transaction also includes Jia Nan Technology repurchasing 6,840 mining machines from Cipher Mining, which were originally planned to be deployed at the Black Pearl site, which is transitioning into an AI data center. After the transaction is completed, Cipher Mining becomes an important shareholder of Jia Nan Technology, with a six-month lock-up period for its shares.