In a transfer to spice up its Bitcoin mining operations, publicly traded Bitcoin mining agency Cipher Mining (CIFR) has introduced a big acquisition of cryptocurrency mining gadgets. The agency will purchase 37,396 models of Antminer T21 miners from Bitmain, one of many largest crypto mining corporations within the business.
The settlement, which was disclosed on December 18, notes that the newly acquired mining tools is predicted to offer Cipher with 7.1 exahashes per second (EH/s) of self-mining capability by the primary half of 2025.
As a part of the acquisition, Cipher’s CEO, Tyler Web page, acknowledged the strategic significance of this buy. He famous that it’s going to allow the corporate to determine its preliminary 135-megawatt (MW) capability on the just lately acquired Black Pearl website. Cipher has additionally just lately secured an choice to accumulate an extra 45,706 miners, which is able to signify an extra 8.7 EH/s going into 2024.
The acquisition additionally permits Cipher to lock within the value for mining rigs at fee of $14 per terahash (TH). Web page highlighted that this may grow to be increasingly necessary when the crypto market heads right into a bull run:
“We’re controlling our greatest potential capital expense and locking in favorable phrases forward of what we imagine can be a bull marketplace for Bitcoin.”
Cipher is a subsidiary of Bitfury, a distinguished cryptocurrency mining agency that reportedly mined almost 3% of all Bitcoin ever mined, equal to roughly 600,000 BTC, as of March 2021.
In November 2023, the corporate reportedly undertook a $7 million buy settlement for a brand new Texas website. The settlement was settled in frequent shares, newly issued on the time.
The anticipated operational graduation of this website in 2025 is predicted to carry a possible capability of as much as 300 megawatts. Cipher has been actively increasing its mining infrastructure all through 2023, with the most important acquisition of 11,000 Canaan A1346 mining rigs in Might. The corporate’s more and more aggressive strategy to broaden comes after it was listed as a publicly traded entity, a shift that adopted a $2 billion merger cope with the Nasdaq-listed Good Works Acquisition Corp.
This latest mega-purchase positions Cipher as a key participant within the aggressive and quickly evolving cryptocurrency mining business.
