Cipher Scales BTC Mining Operation with 37,000 Bitmain Antminers Worth $100M

18 December 2023

By Jimmy Aki | @jimmy-aki

NASDAQ-listed Bitcoin mining firm Cipher Mining Inc. has announced the purchase of 37,396 units of the latest Bitmain Antminer T21 series.

Making the announcement in a press release, the company disclosed that this acquisition amounted to approximately $99.5 million.

Regarding the value of these cutting-edge miners, Cipher Mining explained that each miner offers a substantial 7.1 EH/s of self-mining capacity. The fleet of miners is expected to be delivered in the first half of 2025.

Additionally, the company disclosed that an option to acquire an additional 45,706 Antminers, representing 8.7 EH/s, has been secured with the Bitmain company. This latest fleet of miners will be delivered in 2024.

Cipher Mining’s CEO, Tyler Page, highlighted that the expansion of Bitcoin mining operations aligns with the company’s goal of establishing its first 165 megawatts per hour (MWh) facility at the newly acquired Black Pearl site by 2025.

Page emphasized that Cipher’s custom software and operations stack, coupled with attractive pricing dynamics in the ERCOT market, would allow them to maximize profits using the T21 series of miners.

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