Cipher Mining to buy more than 37,000 Bitcoin miners from Bitmain

Cipher Mining has agreed with Chinese manufacturer Bitmain to purchase a large batch of equipment for mining Bitcoin.

Today $CIFR announced an agreement to purchase 7.1 EH/s of latest generation Bitmain T21 rigs with the option to acquire another 8.7 EH/s at a fixed price of $14/TH. The rigs can be used for opportunities in 2024 and for Black Pearl in 2025. Release here: https://t.co/HQVGRWoPLO

— Cipher Mining (@CipherInc) December 18, 2023

The deal calls for the purchase of 37 396 Antminer T21 with a hashrate of 7.1 EH/s — they will be delivered in the first half of 2025. The company also has an option to purchase an additional 45 706 devices with a capacity of 8.7 EH/s in 2024.

«By acquiring Bitmain’s T21 mining rigs with a capacity of 7.1 EH/s, we will be able to build the first 135 MW at our recently acquired Black Pearl site. We also have the option to purchase up to 8.7 EH/s of T21s in 2024. […] If we decide to exercise the option, we will have enough mining rigs for another 165 MW of infrastructure», — said Cipher CEO Tyler Page.

According to the press release, the machines will cost the company $14 per TH/s. According to Hashrate Index, market quotes for devices with energy consumption under 25 J/TH stand at $13.54 per TH/s at the time of writing.

Shares in the company rose 17.31% on the news. The price at the time of writing was $3.05.

In August 2022, Cipher Mining launched a Bitcoin mining network at a new data centre in Texas with a capacity of 40 MW, powered by a wind farm.

In spring 2023 the company announced the purchase of 11,000 A1346 devices from Canaan.

In December, Australian Iris Energy agreed with Bitmain to purchase 8,380 Antminer T21 for $22.3 million.