In a transfer to spice up its Bitcoin mining operations, publicly traded Bitcoin mining agency Cipher Mining (CIFR) has introduced a major acquisition of cryptocurrency mining gadgets. The agency will purchase 37,396 models of Antminer T21 miners from Bitmain, one of many largest crypto mining companies within the trade.
The settlement, which was disclosed on December 18, notes that the newly acquired mining gear is anticipated 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’ll allow the corporate to determine its preliminary 135-megawatt (MW) capability on the lately acquired Black Pearl website. Cipher has additionally lately secured an possibility to amass a further 45,706 miners, which is able to characterize an extra 8.7 EH/s going into 2024.
The acquisition additionally permits Cipher to lock within the worth for mining rigs at price of $14 per terahash (TH). Web page highlighted that it will grow to be an increasing number of essential 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 consider might be a bull marketplace for Bitcoin.”
Cipher is a subsidiary of Bitfury, a outstanding 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 anticipated to carry a possible capability of as much as 300 megawatts. Cipher has been actively increasing its mining infrastructure all through 2023, with the key 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 take care of 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 trade.