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.