In a significant move to scale its operations, publicly traded Bitcoin mining firm Cipher Mining has announced the purchase of 37,396 Antminer T21 units from Bitmain. This acquisition, valued at $99.5 million, is set to substantially increase Cipher’s mining capabilities. Cipher’s CEO Tyler Page highlighted the strategic nature of this investment, noting it as a proactive step in anticipation of a bullish Bitcoin market.
The new mining rigs are expected to deliver a powerful 7.1 exahashes per second (EH/s) of self-mining capacity by early 2025. Furthermore, this deal allows Cipher to build its first 135 megawatts (MW) facility at the Black Pearl site and presents an option to acquire an additional 45,706 miners in 2024, potentially adding another 8.7 EH/s. This expansion follows Cipher’s acquisition of a new site in Texas and their earlier 2023 purchase of 11,000 Canaan A1346 mining rigs.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
