Cipher Mining Plans Expansion with Acquisition of Canaan Bitcoin Miners
Cipher Mining, a Nasdaq-traded mining company, has announced its plans to expand its Bear LLC and Chief Mountain LLC projects by acquiring 2.5 exahash per second (EH/s) of Canaan’s ASIC bitcoin mining machines. This acquisition includes 16,700 advanced Avalon A1466 miners, scheduled for delivery in the second quarter of 2024.
Boosting Mining Capacity Ahead of Halving
Cipher Mining’s latest acquisition of Canaan miners follows their previous procurement of next-generation mining equipment from Bitmain in December 2023. The goal is to strengthen their collaborative ventures with Bear and Chief Mountain, in which Cipher holds a 49% stake. Once the new units are operational, Cipher Mining’s total self-mining capacity is projected to reach approximately 8.4 EH/s.
Avalon A1466 Miners for Enhanced Performance
The Avalon A1466 miners acquired by Cipher Mining are air-cooled machines known for their exceptional performance, even under Texas’ intense summer conditions. These miners have a production rate of around 150 terahash per second (TH/s) and an energy efficiency of 21.5 joules per terahash (J/T).
Positioned for Growth
Cipher Mining CEO Tyler Page expressed his satisfaction with the expansion plans, stating that they position the company for strong growth. Page also mentioned the potential of their newly acquired Black Pearl site. Cipher Mining is part of a larger group of mining entities that are enhancing their operations by integrating new ASIC units from reputable providers like Canaan, Microbt, and Bitmain.
Hot Take: Cipher Mining Expands Capacity with Canaan Miners
Cipher Mining is making strategic moves to expand its mining capacity with the acquisition of Canaan’s ASIC bitcoin mining machines. By adding 2.5 exahash per second (EH/s) of mining power, Cipher Mining aims to strengthen its collaborative ventures and position itself for growth. This expansion comes ahead of the upcoming halving and demonstrates Cipher Mining’s commitment to staying competitive in the industry. With the air-cooled Avalon A1466 miners, Cipher Mining expects to achieve higher performance and energy efficiency. The company’s plans reflect the wider trend of mining entities integrating advanced ASIC units to optimize their operations.
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