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Cipher

Pearl

Bitcoin

In a strategic move, Cipher Mining, a major player in the Bitcoin mining industry, has announced a hefty purchase of 37,396 Bitmain Antminer T21 units, amounting to a staggering $99.5 million. This acquisition, poised to significantly enhance Cipher's self-mining capacity to 7.1 EH/s, is scheduled to fully materialize by the first half of 2025. Cipher CEO Tyler Page emphasizes this investment as a pivotal step towards developing their new 135 MW facility at the Black Pearl site, with an additional option to acquire 45,706 miners in 2024. This decision reflects Cipher's confidence in Bitcoin's future, as they lock in a cost-effective $14 per TH mining rig rate, ahead of an anticipated Bitcoin bull market. *reference1
Cipher's bullish stance on Bitcoin extends beyond this purchase. In November 2023, the company fortified its operational footprint by acquiring a new Texas site for $7 million, payable in newly issued stocks. This site, expected to be operational by 2025, could potentially boast a capacity of 300 MW. Cipher's aggressive expansion in 2023 includes acquiring 11,000 Canaan A1346 mining rigs. Since going public in 2021 through a $2-billion merger, Cipher Mining, a subsidiary of Bitfury, continues to assert its dominance in the cryptocurrency mining landscape.&nbsp;

Cipher’s $99.5M Bitmain Deal Bolsters Bitcoin Prospects

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