Publicly traded Bitcoin (BTC) mining agency Cipher Mining (CIFR) is scaling operations with a brand new mega-purchase of cryptocurrency mining gadgets.
Cipher will purchase 37,396 items of Antminer T21 miners from the Chinese language crypto mining big Bitmain underneath a brand new settlement, the agency introduced on Dec. 18. The brand new mining gear to be purchased is anticipated to ship 7.1 exahashes per second (EH/s) of self-mining capability by the primary half of 2025, the announcement notes.
In response to Cipher CEO Tyler Web page, the acquisition will enable Cipher to construct its first 135 megawatts (MW) at its newly acquired Black Pearl website. Cipher has additionally secured the choice to amass a further 45,706 miners representing 8.7 EH/s in 2024.
The acquisition permits Cipher to lock the worth for mining rigs at a “very engaging” worth of $14 per terahash (TH), the CEO famous, including:
“We’re controlling our largest potential capital expense and locking in favorable phrases forward of what we consider might be a bull marketplace for Bitcoin.”
This funding is proof of Cipher’s bullish outlook on the Bitcoin market. In November 2023, Cipher reportedly signed a purchase order settlement to amass a brand new Texas website for $7 million, paid in newly issued frequent shares. The location is reportedly anticipated to turn out to be operational in 2025, boasting a possible capability of as much as 300 megawatts.
Associated: What occurred in crypto this weekend?
Cipher has additionally been aggressively shopping for new crypto mining gadgets in 2023, bagging 11,000 Canaan A1346 mining rigs in Might.
Based mostly in the US, Cipher Mining went public in 2021 after signing a $2 billion merger cope with the Nasdaq-listed Good Works Acquisition Corp. The corporate is a subsidiary of the cryptocurrency mining agency Bitfury, which reportedly mined no less than 600,000 BTC — or practically 3% of all Bitcoin to be ever mined — as of March 2021.
Journal: Find out how to shield your crypto in a risky market — Bitcoin OGs and consultants weigh in
