Cipher Mining spends $100 million on Bitmain ASICs

Cipher Mining has acquired more than 37,000 Antminer T21 brand Bitmain. The investment should enable hashrate from listed BTC miner to reach nearly 15 EH/s.

Cipher Mininga leading Nasdaq-listed company specializing in bitcoin mining, announced on Monday that it had placed an order worth $99.5 million with the world’s leading ASIC manufacturer Bitmain.

The US-based miner has purchased 37,396 Antminer T21s, the latest model from the Chinese manufacturer. The new ASICs will double its current hash rate to over 14 EH/s.

We’re delighted to continue our opportunistic investment experience during the lulls in the Bitcoin mining cycle. By acquiring 7.1 EH/s of Bitmain’s T21 mining platforms, we can build the first 135 MW at our newly acquired Black Pearl site,” commented the firm’s boss Tyler Page.

According to a press release, installation of the new machines is only scheduled for the first half of 2025.

Cipher Mining also reported that it had secured a purchase option – at the same price conditions as this latest order – to acquire a further 45,706 Antminer T21s next year. This second investment would finally bring the miner’s hashrate to over 24 EH/s.

“If we choose to exercise our full purchase option, we will have enough mining platforms for an additional 165 MW of infrastructure. We see many attractive near-term expansion opportunities with these platforms on site in 2024, as well as continued construction of Black Pearl in 2025,” the executive said.

Earlier this year, Cipher Mining got its hands on 11,000 Canaan-branded Avalon Miners.

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