Cipher Mining Bolsters Operations With 16,700 Bitcoin Miners From Canaan

The Nasdaq-traded mining firm Cipher Mining unveiled plans to increase its Bear LLC and Chief Mountain LLC initiatives, revealing the acquisition of two.5 exahash per second (EH/s) of Canaan-crafted application-specific built-in circuit (ASIC) bitcoin mining machines. The enterprise will procure 16,700 superior Avalon A1466 miners, anticipated for supply by Q2 2024.

Cipher Mining Sets Eyes on Upcoming Halving With Major Equipment Expansion

Cipher Mining (Nasdaq: CIFR) disclosed an extra acquisition of bitcoin miners, following its mid-December 2023 procurement of seven.1 exahash per second (EH/s) in next-generation mining tools from Bitmain. The most up-to-date acquisition from Canaan goals to reinforce two collaborative ventures, Bear and Chief Mountain, by which Cipher holds a 49% stake.

Post supply and setup in Q2 2024, every facility will expertise a development of 30 megawatts (MW) and attain 1.25 EH/s of SHA256 hashrate. Cipher revealed on Wednesday that its complete self-mining capability is projected to succeed in roughly 8.4 EH/s as soon as these new items are operational. The Avalon 14 sequence miner, model A1466, is an air-cooled equipment boasting an approximate 150 terahash per second (TH/s) manufacturing and an vitality effectivity of 21.5 joules per terahash (J/T).

“We are pleased to announce we have finalized and funded the plans for initial 30 MW expansions in the second quarter at each of our Bear and Chief joint venture facilities,” Cipher CEO Tyler Page commented. “These expansions, along with plans for our newly acquired Black Pearl site, position us for strong growth, and I expect Cipher to be one of the industry winners coming out of the halving.”

Page additional famous the distinctive efficiency of the Avalon-manufactured items, notably beneath Texas’ intense summer time circumstances. “The Canaan machines we purchased last year are among the best-performing miners in our fleet,” Page mentioned on Wednesday. Cipher is a part of a considerable group of mining entities enhancing their operations and integrating new ASIC items from notable suppliers like Canaan, Microbt, and Bitmain.

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