- Cipher Mining, a Bitcoin mining company, has made a significant investment by purchasing 37,396 Antminer T21 installations.
- The total transaction amount for this purchase is $99.5 million, and the deliveries are expected to be completed by the first half of 2025.
- This new equipment will provide Cipher Mining with an additional hashrate of 7.1 EH/s.
In an official announcement, Cipher Mining (CIFR) revealed that they have struck a deal with Bitmain for the acquisition of cutting-edge Bitmain T21 rigs. The hashrate of these rigs totals 7.1 EH/s, and the purchase agreement also includes an option to buy an additional 8.7 EH/s at a fixed price of $14/TH. The company plans to utilize these rigs for various opportunities in 2024 as well as for their Black Pearl project in 2025. The official press release can be found here.
Cipher Mining’s agreement with Bitmain involves the procurement of 37,396 Antminer T21 installations. The deliveries of these mining rigs are expected to be completed by the first half of 2025.
With the added hashrate of 7.1 EH/s, Cipher Mining aims to establish a mining center with a capacity of 135 MW.
Furthermore, CIFR has secured an option to purchase an additional 45,706 mining rigs in 2024, which would increase their total hashrate by 8.7 EH/s.
Cipher Mining, a US-based company, became publicly traded in 2021 following its merger with NASDAQ-listed Good Works Acquisition Corp. It operates as a subsidiary of Bitfury Group Ltd, one of the world’s largest Bitcoin miners.
It’s worth noting that Riot Platforms, another prominent player in the cryptocurrency mining industry, is also set to invest $290.5 million in the acquisition of 66,560 ASICs.