Cipher Mining Inc., a NASDAQ-listed Bitcoin mining firm, has purchased 37,396 Bitmain Antminer T21 series units at a cost of $99.5 million according to a recent announcement . Each miner has a self-mining capacity of 7.1 EH/s and the miners are expected to be delivered in the first half of 2025.
Additional Option to Purchase More Miners
Cipher Mining also has an option to acquire an additional 45,706 Antminers, adding 8.7 EH/s, to be delivered in 2024. The company aims to establish a 165 MWh facility at the Black Pearl Bitcoin mining site by 2025 according to CEO Tyler Page.
Focused Growth Strategy
The company’s expansion strategy is designed to capitalize on an anticipated Bitcoin @CIFR bull run. The T21 series miners, combined with Cipher Mining’s software, operations stack, and Texas market pricing dynamics, are expected maximize profits. The Antminers were secured at a rate of $14/TH.
Cipher Mining also purchased 11,000 mining rigs from Canaan in early 2023, bringing its total capacity to 7.2 EH/s with over 70,000 rigs. The company acquired a Texas mining site for $7 million in November 2023, which is expected to be operational by 2025 and bring total capacity to 300 MWh.
Tether Also Investing in Bitcoin Mining
Tether, the stablecoin issuer, is also investing in @USDt Bitcoin mining with a three-year mining roadmap and $500 million investment to create crypto mining sites and acquire stakes in mining operations. Tether is focusing on utilizing renewable energy for #bitcoin mining and leveraging its Moria mining software as well as expanding into communications and AI according to Tether CTO Paolo Ardoino.