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Publicly traded Bitcoin mining company Cipher Mining announced it will scale its operations with the purchase of a new mega crypto mining device. According to the announcement made by company officials on December 18, Cipher will purchase 37,396 Antminer T21 mining processors from the China-based crypto mining giant Bitmain under a new deal.
Cipher’s Bull Market Preparations
The announcement stated that the new mining equipment is expected to provide a mining capacity of 7.1 exahash per second (EH/s) by the first half of 2025. Cipher CEO Tyler Page stated that this purchase will enable Cipher to build a facility with an initial power of 135 megawatts (MW) at the newly acquired Black Pearl site.
Cipher also continues to take steps towards its operations by securing an option to purchase an additional 45,706 mining devices in 2024, representing a production speed of 8.7 EH/s. The CEO mentioned that this purchase transaction allows Cipher to fix the price of its mining machines at a very attractive price of $14 per terahash (TH) and continued his statement as follows:
“We are taking control of our largest potential capital expenditure and creating favorable conditions ahead of a period when we believe there will be a bull market for Bitcoin.”
Noteworthy Details About Cipher
This investment is drawing attention as proof of Cipher’s expectation of a rising Bitcoin market. In November 2023, it was announced that Cipher signed a purchase agreement to buy a new Texas-based facility for $7 million paid with newly issued shares.
The site is expected to become operational in 2025 and have a potential capacity of up to 300 megawatts. Additionally, Cipher made a significant move in 2023 by purchasing new crypto mining devices, acquiring 11,000 Canaan A1346 mining rigs in May.
United States-based Cipher Mining went public in 2021 after signing a $2 billion partnership agreement with Nasdaq-listed Good Works Acquisition Corp. The company operates as a subsidiary of the crypto mining firm Bitfury, which as of March 2021, is reported to have mined at least 600,000 Bitcoin, approximately 3% of all Bitcoin issued to date.
