Cipher Mining has completed the deployment of Bitcoin miners at a new 40 MW data center in Texas, powered by a wind farm.
Today we held $CIFR’s Q2 2022 business update. The highlights: Meeting build-out milestones for initial data centers; on track to deploy up to 6.9 EH/s by early 2023; maintaining our cost-efficient power pricing edge; and adding to our best-in-class team https://t.co/rQB75YjowE
— Cipher Mining (@CipherInc) August 9, 2022
The hashrate of the Alborz equipment installed at the site is 1.3 EH/s. This would allow the production of up to 5.7 BTC per day, according to the company’s presentation.
Cipher expects the arrival of Bitcoin miners for three additional data centers in Texas: Bear and Chief with a combined capacity of 20 MW, and a 205 MW facility in Odessa.
The company plans to reach a total hash rate of 6.9 EH/s by early 2023, with a fleet of installations averaging 32.1 J/TH.
Under the contracts, Cipher facilities are supplied with electricity at an average tariff of about $0.0273 per kWh.
“We have completed the Alborz data center; mining rigs are en route for the initial stages at Bear and Chief, and our 205 MW Odessa project is planned to be deployed in the remainder of 2022. Despite the challenging conditions in the cryptocurrency market, the attractive economics of our Bitcoin mining division give us a unique opportunity to move forward successfully,” said Cipher CEO Tyler Page.
Our Alborz data center is fully completed with mining rigs capable of generating ~1.3 EH/s.
Check out this and more at our updated website: https://t.co/JDE9BZ7Iiq.$CIFR @CipherInc pic.twitter.com/7qiYOZPdb5
— Tyler Page (@rftylerpage) August 9, 2022
For the second quarter, the company posted a net loss of $19 million (for the first half, $27 million). Cipher said it has sufficient funds to complete all four data centers.
According to the press release, the company’s total debt obligations include a credit line of about $11 million for the purchase of equipment for Alborz.
As reported in July, bitcoin miner revenue fell by 9% to $609.7 million.
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