Publicly-traded Bitcoin mining company Cipher Mining (CIFR) has recently acquired 37,000 Bitcoin mining devices, expected to deliver 7.1 EH/s of self-mining capacity by the first half of 2025.
On December 18, the Chinese cryptocurrency mining behemoth Bitmain announced a new agreement with Cipher to purchase 37,396 Antminer T21 miners.
According to the announcement, the expected self-mining capacity of the newly acquired mining equipment is 7.1 exahashes per second (EH/s) by the first half of 2025.
According to Cipher CEO Tyler Page, the acquisition will enable the construction of the company’s initial 135 megawatts (MW) at the recently acquired Black Pearl site. Additionally, in 2024, Cipher has obtained the option to purchase an additional 45,706 miners, which account for 8.7 EH/s.
The CEO further stated that the acquisition enables Cipher to secure mining machines at a “very attractive” price of $14 per terahash (TH).
“We are controlling our biggest potential capital expense and locking in favorable terms ahead of what we believe will be a bull market for Bitcoin.”
This investment demonstrates that Cipher maintains an optimistic stance regarding the Bitcoin market. Reportedly, Cipher executed a purchase agreement in November 2023 to acquire a newly issued common stock site in Texas for $7 million. There are reports that the site, which has the potential to generate 300 megawatts, will go into operation in 2025.
In addition to purchasing new crypto mining equipment aggressively in 2023, Cipher acquired 11,000 Canaan A1346 mining machines in May.
Cipher Mining, headquartered in the United States, completed a $2 billion merger with the Nasdaq-listed Good Works Acquisition Corp. in 2021, at which point it turned public.
The organization is a subsidiary of the cryptocurrency mining corporation Bitfury, which, as of March 2021, reportedly mined a minimum of 600,000 BTC, or approximately 3% of the total Bitcoin ever mined.
