Cipher Mining to add 11,000 Canaan ASICs to its fleet

Cipher Mining has acquired 11,000 Avalon Miner branded Canaan. The hashrate from miner listed on the Nasdaq should exceed 7 EH/s following the installation of the new machines.

This Tuesday, the American company specialized in bitcoin mining Cipher Mining announced that it has entered into a agreement to acquire 11,000 Avalon Miner machines. It is the model A1346 manufactured by the Asian firm Canaan.

The ASICs will be delivered and powered up in the third quarter of 2023 at Cipher Mining’s farm based at Texasaccording to the announcement. They should allow the miner to reach a total hash power of 7.2 exahashes per second (EH/s) and will increase the number of working machines in its infrastructure to 70,000.

We are delighted to officially begin our collaboration with Canaan, a pioneer in the high-performance ASIC computer chip industry. We are confident that Canaan’s mining machines will be a great addition to our fleet, and we expect these mining machines to work extremely well during the hot Texas summer months,” commented Tyler Page, Cipher Mining’s boss, in a statement.

Nangeng Zhangpresident of Canaanalso welcomed the agreement. “We not only use state-of-the-art technology to support our North American customers, we carefully upgrade our hardware and software to ensure maximum efficiency under all operating conditions he said, adding that the deal was a testament to the “greatness of the growing presence ” of his company on the American market.

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Like the price of Bitcoin, Cipher Mining’s stock price has surged this year. This Tuesday, CIFR rose by about 6% in pre-market trading.

Last month, CleanSparkanother publicly traded U.S. miner, announced it was doubling its mining capacity with the purchase of 45,000 Antminer S19 XP Bitmain.

More recently, the administration Biden has made a proposal to tax crypto mining companies 30% of the amount of electricity they consume.

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