Cipher Mining Bolsters Operations With 16,700 Bitcoin Miners From Canaan

The Nasdaq-traded mining institution Cipher Mining unveiled plans to grow its Bear LLC and Chief Mountain LLC projects, revealing the acquisition of 2.5 exahash per 2nd (EH/s) of Canaan-crafted application-specific integrated circuit (ASIC) bitcoin mining machines. The endeavor volition procure 16,700 precocious Avalon A1466 miners, anticipated for transportation by Q2 2024.

Cipher Mining Sets Eyes connected Upcoming Halving With Major Equipment Expansion

Cipher Mining (Nasdaq: CIFR) disclosed an further acquisition of bitcoin miners, pursuing its mid-December 2023 procurement of 7.1 exahash per 2nd (EH/s) successful next-generation mining instrumentality from Bitmain. The astir caller acquisition from Canaan aims to heighten 2 collaborative ventures, Bear and Chief Mountain, successful which Cipher holds a 49% stake.

Post transportation and setup successful Q2 2024, each installation volition acquisition a maturation of 30 megawatts (MW) and attain 1.25 EH/s of SHA256 hashrate. Cipher revealed connected Wednesday that its full self-mining capableness is projected to scope astir 8.4 EH/s erstwhile these caller units are operational. The Avalon 14 bid miner, model A1466, is an air-cooled apparatus boasting an approximate 150 terahash per 2nd (TH/s) accumulation and an vigor ratio of 21.5 joules per terahash (J/T).

“We are pleased to denote we person finalized and funded the plans for archetypal 30 MW expansions successful the 2nd 4th astatine each of our Bear and Chief associated task facilities,” Cipher CEO Tyler Page commented. “These expansions, on with plans for our recently acquired Black Pearl site, presumption america for beardown growth, and I expect Cipher to beryllium 1 of the manufacture winners coming retired of the halving.”

Page further noted the exceptional show of the Avalon-manufactured units, peculiarly nether Texas’ aggravated summertime conditions. “The Canaan machines we purchased past twelvemonth are among the best-performing miners successful our fleet,” Page said connected Wednesday. Cipher is portion of a important radical of mining entities enhancing their operations and integrating caller ASIC units from notable providers similar Canaan, Microbt, and Bitmain.

What bash you deliberation astir Cipher securing 2.5 EH/s of Avalon miners from Canaan? Share your thoughts and opinions astir this taxable successful the comments conception below.