Dec 18, 2023

Cipher Invests $99.5M in 37K Bitmain Antminers for Crypto Mining

Cipher Mining Grows with Mega-Purchase of Crypto Mining Devices

Cipher Mining (CIFR), a publicly traded Bitcoin (BTC) mining firm, has announced a new mega-purchase of cryptocurrency mining devices. Under the agreement, Cipher will acquire 37,396 units of Antminer T21 miners from the Chinese crypto mining giant Bitmain. This new mining equipment is expected to deliver 7.1 exahashes per second (EH/s) of self-mining capacity by the first half of 2025.

Cipher CEO Tyler Page has shared that the purchase will allow the firm to build its first 135 megawatts (MW) at the newly acquired Black Pearl site. In addition, Cipher has the option to acquire an additional 45,706 miners representing 8.7 EH/s in 2024.

The CEO further noted that the price for the mining rigs is “very attractive” at $14 per terahash (TH). This purchase will allow Cipher to expand its operations with popular crypto such as Safemoon, Neo, Mina, Reef, Math, Pond, Orca, and Poly.

Cipher Mining Making Aggressive Crypto Moves

Cipher Mining, a US-based subsidiary of the cryptocurrency mining firm Bitfury, has been showing its bullish outlook on the Bitcoin market. In November 2023, Cipher reportedly signed a purchase agreement to acquire a new Texas site for $7 million, paid in newly issued common stocks. The site is anticipated to become operational in 2025, boasting a potential capacity of up to 300 megawatts.

Cipher has also been making aggressive moves in the crypto space, buying 11,000 Canaan A1346 mining rigs in May. The company went public in 2021 after signing a $2 billion merger deal with the Nasdaq-listed Good Works Acquisition Corp. As of March 2021, Bitfury had reportedly mined at least 600,000 BTC — or nearly 3% of all Bitcoin to be ever mined.

With its recent investments, Cipher is now looking to make a name for itself in the crypto industry, especially with its investments in pepe crypto, safemoon crypto, neo crypto, mina crypto, reef crypto, math crypto, pond crypto, orca crypto and poly crypto.

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