Cipher Mining Gears Up for Growth with 16,700 Avalon A1466 Miners
Cipher Mining, a Nasdaq-traded mining company, has unveiled plans to expand its Bear LLC and Chief Mountain LLC projects with the acquisition of 2.5 exahash per second (EH/s) of Canaan-crafted ASIC bitcoin mining machines.
The company will procure 16,700 advanced Avalon A1466 miners, scheduled for delivery by Q2 2024. This move follows Cipher’s earlier procurement of 7.1 EH/s in next-gen mining equipment from Bitmain in mid-December 2023. Cipher aims to boost the Bear and Chief Mountain collaborative ventures, where it holds a 49% stake, through the Canaan acquisition. Once operational in Q2 2024, each facility will experience a 30 MW growth, reaching 1.25 EH/s of SHA256 hashrate. With these new units, Cipher expects to reach a total self-mining capacity of approximately 8.4 EH/s.
Cipher CEO Tyler Page expressed confidence in the company’s growth, particularly with the upcoming halving, highlighting the exceptional performance of Canaan’s machines, especially under Texas’ intense summer conditions. The industry trend includes various mining entities enhancing operations with new ASIC units from prominent providers like Canaan, Microbt, and Bitmain.
Clever Robot News Desk 7th January 2024
