Cipher Mining Boosts Capacity with 16,700 New Bitcoin Miners
Prominent Bitcoin (BTC) mining firm Cipher Mining has acquired 16,700 new mining rigs, aiming to position itself as one of the leading players in the industry following the anticipated Bitcoin halving event in April.
The company plans to install these state-of-the-art Avalon A1466 miners at its Bear and Chief Mountain facilities in Texas during the second quarter, thereby increasing its total self-mining capacity to 8.4 exahashes per second (EH/s).
The deal was struck between Cipher Mining’s joint venture partners, Bear LLC and Chief Mountain LLC, and the mining equipment manufacturer Canaan, responsible for selling the Avalon A1466 miners.
Today $CIFR announced a 60 MW expansion at our Bear and Chief JV data centers, along with the purchase of 16k+ new miners from Canaan for delivery in the second quarter, bringing our expected total self-mining capacity to ~8.4 EH/s. More here: https://t.co/tRPa3sImWH
— Cipher Mining (@CipherInc) January 3, 2024
Cipher holds a 49% interest in the joint venture, with plans to distribute the newly acquired miners evenly between the Bear and Chief facilities.
This expansion will result in an additional 30 megawatts of power capacity, equating to 1.25 EH/s, at each mining center.
Cipher Mining CEO Tyler Page said that the timing of the purchase was strategically aligned with the Bitcoin halving event.
This event, which occurs approximately every four years, involves halving the mining rewards to control the rate of new coin issuance.
Historically, Bitcoin’s price has experienced significant growth following the halving event.
“These expansions […] position us for strong growth, and I expect Cipher to be one of the industry winners coming out of the halving.”
The company did not
