Cipher Mining Bolsters Operations With 16,700 Bitcoin Miners From Canaan

The Nasdaq-traded mining company Cipher Mining unveiled plans to expand its Bear LLC and Chief Mountain LLC projects, revealing the acquisition of 2.5 exahash per second (EH/s) of Canaan-crafted application-specific integrated circuit (ASIC) bitcoin mining machines. The enterprise will procure 16,700 advanced Avalon A1466 miners, anticipated for delivery by Q2 2024.

Cipher Mining Sets Eyes on Upcoming Halving With Major Equipment Expansion

Cipher Mining (Nasdaq: CIFR) disclosed an additional acquisition of bitcoin miners, following its mid-December 2023 procurement of 7.1 exahash per second (EH/s) in next-generation mining equipment from Bitmain. The most recent acquisition from Canaan aims to enhance two collaborative ventures, Bear and Chief Mountain, in which Cipher holds a 49% stake.

Post delivery and setup in Q2 2024, each facility will experience a growth of 30 megawatts (MW) and attain 1.25 EH/s of SHA256 hashrate. Cipher revealed on Wednesday that its total self-mining capacity is projected to reach approximately 8.4 EH/s once these new units are operational. The Avalon 14 series miner, model A1466, is an air-cooled apparatus boasting an approximate 150 terahash per second (TH/s) production and an energy efficiency of 21.5 joules per terahash (J/T).

“We are pleased to announce we have finalized and funded the plans for initial 30 MW expansions in the second quarter at each of our Bear and Chief joint venture facilities,” Cipher CEO Tyler Page commented. “These expansions, along with plans for our newly acquired Black Pearl site, position us for strong growth, and I expect Cipher to be one of the industry winners coming out of the halving.”

Page further noted the exceptional performance of the Avalon-manufactured units, particularly under Texas’ intense summer conditions. “The Canaan machines we purchased last year are among the best-performing miners in our fleet,” Page said on Wednesday. Cipher is part of a substantial group of mining entities enhancing their operations and integrating new ASIC units from notable providers like Canaan, Microbt, and Bitmain.

What do you think about Cipher securing 2.5 EH/s of Avalon miners from Canaan? Share your thoughts and opinions about this subject in the comments section below.

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