Cipher Mining Expands With Acquisition of 16,700 Mining Machines Before Bitcoin Halving
In Brief
Cipher Mining has successfully procured 16,700 Avalon A1466 mining units from Canaan, boosting its overall Bitcoin mining power to an impressive 8.4 EH/s.
Bitcoin mining The company Cipher Mining has acquired 16,700 new mining machines from the renowned computing hardware producer. Canaan The state-of-the-art Avalon A1466 mining machines are set to be installed at Cipher's Bear and Chief Mountain mining operations located in Texas, which will ramp up their self-mining capabilities to 8.4 EH/s.
The acquisition terms were finalized between the two joint venture firms, Bear LLC and Chief Mountain LLC, in which Cipher holds a 49% stake, and Canaan.
Cipher, alongside its joint venture partner, is planning to distribute the newly purchased mining rigs evenly, with half being deployed at the Bear site and the other half at the Chief site. This will add a combined expansion of 30 megawatts, translating to 1.25 EH/s for each center.
Tyler Page, the CEO of Cipher Mining, expressed enthusiasm about collaborating once more with Canaan for the 60 MW enhancement at their Bear and Chief facilities. 'The machines we acquired last year from Canaan rank among the top performers in our setup, especially during the sweltering summer periods in Texas. Our collaboration has been exceptional, and we eagerly await future partnerships with their team,' he remarked in a statement.
This marks Cipher's second acquisition of equipment from Canaan, following the CEO's satisfaction with the miners' performance during the scorching summer months. Previously, Cipher secured 37,396 units of the latest Antminer T21 miners from them. Bitmain .
The overall cost for this recent purchase reached $99.5 million, corresponding to a self-mining capacity of 7.1 EH/s. Currently, Cipher holds 796 BTC, with a market value of $34 million on its books.
Bitcoin Mining Companies Enhance Operational Efficiency
In anticipation of the upcoming Bitcoin halving event As the rewards for mining Bitcoin are set to be halved, mining firms are wisely preparing for increased efficiency by securing cutting-edge mining technology.
Recently, Hive Digital Technologies announced the acquisition acquisition of 7,000 Antminer S21 units from Bitmain, a key player in cryptocurrency mining equipment manufacturing. These units are expected to be delivered between January and June 2024. With their installation, Hive Digital predicts an average energy efficiency of 25 J/TH and a mining power of 5.8 EH/s.
Cipher Mining's recent purchase underscores strategic growth within the Bitcoin mining industry as key players anticipate the upcoming Bitcoin halving event.
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