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.