Giga Energy Expanding to Argentina to Utilize Waste Energy in Mining Bitcoin

Bitcoin Miner Cipher Acquires New Mining Rigs 

In a recent report, Cipher Mining (CIFR) revealed plans to acquire new infrastructures to optimize its mining capabilities. The report demonstrated that the Bitcoin miners plan to acquire 37,396 units of Antminer version T21 from Bitmain.

In a December 18  purchase agreement, the Cipher group stated that newly purchased mining devices would support the crypto miner in increasing the hash rate.

Cipher Acquires New Mining Rigs

The report underlined that the Bitcoin miners envisioned increasing the hash rate to around 7.1 exahashes per second (EH/s) in Q1 of 2025. A statement from the chief executive of Cipher, Tyler Page, revealed that the Bitcoin miners plan to establish a 135 megawatts (MW) data center at Black Pearl.

The mining company anticipates that after the delivery of the newly acquired mining rigs, it will invest in purchasing an extra 45,706 miners, which will generate 8.7 EH/s. The CEO admitted that Cipher’s newly acquired mining rigs place the prices of the mining tools at a considerable market position.

The executive added that acquiring the new mining rig will propel their lock price to $14 per terahash (TH). Page admitted the Cipher group was controlling capital expenses in readiness for the upcoming bull market.

The executive expressed his bullish outlook on the crypto market after the 2024 Bitcoin halving. The acquisition of the new mining rigs came weeks after Cipher had closed the acquisition deal to purchase a new mining site in Texas at $7 million.

The newly acquired mining site is expected to start operations in 2025. Reportedly, the Texas-based mining site will generate 300 megawatts (MW).

Bitcoin Miners Prepares for Next Bull Run

The CEO stated that Cipher has been acquiring new mining devices to double its mining activities. In May,  Cipher acquired 11,000 miners from Canaan. Hours after the announcement, Cipher native token CPR established a downward price movement.

According to CoinMarketCap, CPR dropped by 18% to trade at $0.0034 in a day. Consecutively, CPR’s daily trading volume decreased by 2.7% to reach $497,166, while the market capitalization dropped by 18% to $2.2 million.

All trademarks, logos, and images displayed on this site belong to their respective owners and have been utilized under the Fair Use Act. The materials on this site should not be interpreted as financial advice. When we incorporate content from other sites, we ensure each author receives proper attribution by providing a link to the original content. This site might maintain financial affiliations with a selection of the brands and firms mentioned herein. As a result, we may receive compensation if our readers opt to click on these links within our content and subsequently register for the products or services on offer. However, we neither represent nor endorse these services, brands, or companies. Therefore, any disputes that may arise with the mentioned brands or companies need to be directly addressed with the respective parties involved. We urge our readers to exercise their own judgement when clicking on links within our content and ultimately signing up for any products or services. The responsibility lies solely with them. Please read our full disclaimer and terms of use policy here.

Leave a Reply

Your email address will not be published. Required fields are marked *