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Cipher

<a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> mined 418 BTC in July, a 16% increase from the previous month. The company sold 318 BTC and held 518 BTC. They deployed 66,000 mining rigs and achieved an operating <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/" rel="noopener noreferrer nofollow">hash rate</a> of 6.8 EH/s. 
The company expanded operations at its Odessa facility, despite <a href="https://ultramining.com/news/en/texas-residents-challenge-bitcoin-mining-industrys-impact-on-power-grid-and-communities/" rel="noopener noreferrer nofollow">Texas</a>'s extreme temperatures, lower wind production, and record power demand. CEO Tyler Page expressed delight at the production numbers and praised the performance of the 11,000 <a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a> rigs they recently acquired. 
An important feature of <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a>'s Odessa PPA allows selling power back to the grid. They began reporting these sales monthly as a bitcoin equivalent figure. 
<a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a> is on track to fulfill its goal of 7.2 EH/s of self-mining capacity by the end of Q3. The increase in bitcoin inventory reflects higher production and lower capital expenditures nearing the end of the Odessa buildout. 
This update highlights <a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/" rel="noopener noreferrer nofollow">Cipher</a>'s resilience and adaptability, successfully increasing production despite challenging operating conditions. The successful deployment of new <a href="https://ultramining.com/news/en/canaan-s-revenue-drops-by-72/" rel="noopener noreferrer nofollow">Canaan</a> crypto mining rigs and the ability to sell power back to the grid mark innovative strides in their business strategy. 
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Cipher Mining’s July Surge: 16% Increase in BTC Production

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