Cipher Strikes Deal With Canaan to Purchase 11,000 New Bitcoin Miners

Cipher Mining, a U.S.-based Bitcoin mining firm, goals to carry its whole hash charge capability to over 7.2 EH/s following the addition of 11,000 new A1346 mannequin machines that it has bought from Canaan, the Chinese language producer of cryptocurrency mining tools.

With this buy, the corporate’s machine fleet has elevated to over 70,000 mining rigs, Cipher mentioned in a press launch.

“We’re excited to formally start our collaboration with Canaan, a pioneer within the ASIC high-performance computing chip business,” Cipher CEO Tyler Web page mentioned in a press release.

In accordance with Web page, Cipher’s expertise and operations groups have been working with Canaan to check its new technology mining machines over the previous a number of months.

“We’re assured that Canaan’s mining machines shall be a wonderful addition to our fleet, and we count on these mining machines to carry out extraordinarily nicely in the course of the sizzling summer season months in Texas,” he mentioned.

Canaan’s A1346 mannequin is a part of the brand new Avalon Made A13 collection, which was launched in October 2022, and comes with a hash charge of 110 TH/s and energy effectivity of 30J/TH, making it a sexy different to fashionable Whatsminer and Antminer ASICs.

Cipher mentioned it expects the brand new machines to be delivered and energized within the third quarter of this 12 months, with the transfer finishing the buildout on the firm’s facility in Odessa, Texas.

“It will reinforce our place as a number one Bitcoin miner,” a Cipher spokesperson informed Decrypt.

In right now’s Q1 2023 replace, Cipher mentioned the corporate has achieved a self-mining capability of over 6.0 EH/s, exceeding the projected hash charge of 5.7 EH/s it was focusing on in March.

Cipher, which went public on the Nasdaq in August 2021, noticed its inventory drop roughly 4% right now at market open right now.

Right now’s announcement got here as Bitcoin’s hash charge—the measurement of how a lot computing energy is used to safe the community—final week soared to a brand new all-time excessive of 356 EH/s, earlier than dropping to 345.4 EH/s as of yesterday, per Blockchain.com.

Bitcoin mining issue, which measures the complexity of manufacturing new blocks, in the meantime fell 1.45% to 48.01T on Could 4, with an additional drop of 0.35% anticipated after the subsequent issue adjustment in 9 days.