Bitcoin mining company Cipher Mining has announced that it will expand its operations by purchasing a new mega crypto mining device. According to the announcement made by company officials on December 18, Cipher will purchase 37,396 Antminer T21 mining processors from Bitmain, a crypto mining giant based in China.
The new mining equipment is expected to provide a mining capacity of 7.1 exahash per second (EH/s) by the first half of 2025. Cipher CEO Tyler Page stated that this purchase would allow the company to establish a facility with an initial power of 135 megawatts (MW) at the newly acquired Black Pearl site.
Cipher continues to take steps towards its operations by securing an option to purchase an additional 45,706 mining devices in 2024. These devices will have a production speed of 8.7 EH/s. The CEO expressed that this purchase transaction allowed them to fix the price of mining machines at an attractive rate of $14 per terahash.
This investment highlights Cipher’s expectation of a rising Bitcoin market. In November 2023, it was announced that Cipher had signed a deal to purchase a new Texas-based facility for $7 million in newly issued shares.
The facility, expected to be operational by 2025, is anticipated to have a potential capacity of up to 300 megawatts. Cipher made a significant move in 2023 by purchasing 11,000 Canaan A1346 mining devices. Cipher Mining, which went public in 2021 through a $2 billion partnership agreement with Good Works Acquisition Corp, operates as a subsidiary of Bitfury.