Cipher Mining to Buy 11,000 Bitcoin Miners From Canaan

Cipher Mining announced the purchase of 11,000 A1346 Bitcoin miners from Canaan.

The new equipment is expected to increase the hash rate from the current 6 EH/s to 7.2 EH/s. By year-end, Cipher aims to reach a hash rate of 8.2 EH/s.

Delivery of the devices is expected in the third quarter of 2023. The facilities will be located in Odessa, Texas.

Premarket values Cipher’s shares at $2.

In the first quarter of 2023, the company’s net loss per share fell by more than half from $0.07 to $0.03.

Cipher expects the average electricity price for the company to be $0.027 per kWh, with 96% of its capacity secured under fixed-price agreements.

For the results of the fourth quarter 2022, Canaan amounted to $56.8 million, down 59.9% from the previous reporting period.

In August 2022 Cipher Mining launched a network of bitcoin miners in a new data center in Texas with a capacity of 40 MW, powered by a wind farm.