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Cipher

Pearl

Bull Market

<p class="p1" style="text-align: justify">Publicly traded <a href="https://en.coin-turk.com/bitcoin-consolidation-expert-analyst-highlights-two-different-btc-scenarios/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> mining company Cipher Mining announced it will scale its operations with the purchase of a new mega crypto mining device. According to the announcement made by company officials on December 18, Cipher will purchase 37,396 Antminer T21 mining processors from the China-based crypto mining giant Bitmain under a new deal.</p>
<h2 class="p1" style="text-align: justify" id="cipher-s-bull-market-preparations">Cipher’s Bull Market Preparations</h2>
<p class="p1" style="text-align: justify">The announcement stated that the new mining equipment is expected to provide a mining capacity of 7.1 exahash per second (EH/s) by the first half of 2025. Cipher CEO Tyler Page stated that this purchase will enable Cipher to build a facility with an initial power of 135 megawatts (MW) at the newly acquired Black Pearl site.</p>
<p class="p1" style="text-align: justify">Cipher also continues to take steps towards its operations by securing an option to purchase an additional 45,706 mining devices in 2024, representing a production speed of 8.7 EH/s. The CEO mentioned that this purchase transaction allows Cipher to fix the price of its mining machines at a very attractive price of $14 per terahash (TH) and continued his statement as follows:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“We are taking control of our largest potential capital expenditure and creating favorable conditions ahead of a period when we believe there will be a bull market for Bitcoin.”</p>
</blockquote>
<p><img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-290759 size-full" src="https://coin-turk.com/wp-content/uploads/2023/12/cipher.jpg" alt="" width="1200" height="630"></p>
<h2 class="p1" style="text-align: justify" id="noteworthy-details-about-cipher">Noteworthy Details About Cipher</h2>
<p class="p1" style="text-align: justify">This investment is drawing attention as proof of Cipher’s expectation of a rising Bitcoin market. In November 2023, it was announced that Cipher signed a purchase agreement to buy a new Texas-based facility for $7 million paid with newly issued shares.</p>
<p class="p1" style="text-align: justify">The site is expected to become operational in 2025 and have a potential capacity of up to 300 megawatts. Additionally, Cipher made a significant move in 2023 by purchasing new crypto mining devices, acquiring 11,000 Canaan A1346 mining rigs in May.</p>
<p class="p1" style="text-align: justify">United States-based Cipher Mining went public in 2021 after signing a $2 billion partnership agreement with Nasdaq-listed Good Works Acquisition Corp. The company operates as a subsidiary of the crypto mining firm Bitfury, which as of March 2021, is reported to have mined at least 600,000 Bitcoin, approximately 3% of all Bitcoin issued to date.</p> <span style="font-weight:bold;font-size:16px">Continue Reading:</span> <a href="https://en.coin-turk.com/cipher-minings-strategic-expansion-in-the-crypto-mining-industry/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/cipher-minings-strategic-expansion-in-the-crypto-mining-industry/</a>

Cipher Mining’s Strategic Expansion in the Crypto Mining Industry

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