Page

Cipher

Pearl

Bitcoin

<a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> Mining (CIFR), a publicly traded Bitcoin mining firm, has announced a substantial investment in cryptocurrency mining devices, marking a significant move to enhance its Bitcoin mining capabilities. The firm has acquired a remarkable 37,396 units of <a href="https://ultramining.com/en/hardware/antminer-t21-190-ths/" rel="noopener noreferrer nofollow">Antminer T21</a> miners from <a href="https://ultramining.com/en/manufacturers/bitmain/" rel="noopener noreferrer nofollow">Bitmain</a>, one of the industry's largest crypto <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a>, according to <a href="https://www.coininsider.com/btc-miner-cipher-invests-millions-in-antminer" rel="noopener noreferrer nofollow">Coininsider</a>.
This acquisition, disclosed on December 18, is expected to bolster Cipher's <a href="https://ultramining.com/news/en/riot-battles-texas-heat-to-produce-410-btc-and-stabilize-energy-grid/" rel="noopener noreferrer nofollow">self-mining</a> capacity by 7.1 exahashes per second (EH/s) by the first half of 2025. Cipher’s CEO, Tyler Page, emphasized the strategic importance of this purchase, noting it will establish the company's initial 135-megawatt (MW) capacity at the recently acquired Black Pearl site. Additionally, Cipher has secured an option to acquire an extra 45,706 miners, potentially adding another 8.7 EH/s in 2024.
The deal also enables Cipher to lock in the price for mining rigs at $14 per terahash (TH), a move that Page believes is crucial ahead of a potential Bitcoin bull market. This strategic price locking could be a significant advantage for Cipher, especially during market upswings.
This site, anticipated to commence operations in 2025, is expected to have a capacity of up to 300 megawatts. Cipher’s expansion efforts also included the acquisition of 11,000 <a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a> A1346 mining rigs in May 2023. The company’s transition to a publicly traded entity, following a $2 billion merger deal with Good Works Acquisition Corp, has marked a new phase in its development.
Cipher Mining’s latest purchase positions it as a formidable player in the competitive and rapidly evolving cryptocurrency <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">mining industry</a>, demonstrating its commitment to significant expansion and operational enhancement.&nbsp;

Crypto Powerhouse Cipher Mining Secures 37,396 Bitmain Antminers T21

Ultramining_Eng

Other articles published on Jan 19, 2024

Bitcoin and Ethereum Options Expire Amidst Market Volatility

Top Free-to-Play Browser Games You need to try in 2024

Discover HugeWin – The Crypto Casino That Will Reshape the Industry in 2024 and Beyond

Ethereum Accumulations Soar As ETH Price Slips Below $2,500

Top Altcoins To Buy This Dip For Massive Gains

Where in the world is Sam Trabucco? FTX victims launch manhunt

Join our free newsletter for daily crypto updates!