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On Monday, Cipher Mining revealed its acquisition of 7.1 exahash per second (EH/s) in new mining equipment from Bitmain. The company invested in Bitmain’s T21 series miners, totaling a purchase price of $99.5 million.
Cipher Mining’s Strategic $99.5 Million Investment in Next-Gen Bitmain Miners
In recent months, following the introduction of several advanced bitcoin mining units, mining operations have been actively acquiring state-of-the-art mining rigs. On Dec. 18, the bitcoin mining company Cipher Mining (Nasdaq: CIFR) announced its purchase of 7.1 EH/s in next-generation mining machinery from Bitmain.
Cipher Mining spent $14 per terahash, amounting to a total investment of $99.5 million in the latest hardware. The Bitmain Antminer T21, an air-cooled device, offers 190 terahash per second (TH/s) and boasts an efficiency of 19 joules per terahash (J/T). Cipher Mining intends to utilize these new rigs to enhance its self-mining hashrate, with the delivery of the 7.1 EH/s equipment slated for the first half of 2025.
“We are very excited to continue our track record of investing opportunistically during lulls in the bitcoin mining cycle,” Tyler Page, the CEO of Cipher said in a statement on Monday. “By acquiring 7.1 EH/s of Bitmain’s T21 mining rigs, we can build out the first 135 MW at our newly acquired Black Pearl site. We also have an option to acquire up to an additional 8.7 EH/s of T21s in 2024.”
The Bitmain T21 series has been a popular bitcoin mining rig model, as evidenced by significant orders from Iris Energy and DMG. Iris Energy made two substantial purchases recently: 7,000 T21s at the end of November and an additional 8,380 T21s two weeks later. Similarly, DMG acquired 4,550 T21 Antminers from Bitmain this month, totaling $12.1 million. In addition to Bitmain, it’s main competitor, Microbt, has been securing orders for its next-generation Whatsminer models.
What do you think about Cipher securing 7.1 EH/s of T21 Bitmain miners? Share your thoughts and opinions about this subject in the comments section below.