On June 5, 2024, Cipher Mining Inc., a Delaware-based company specializing in bitcoin mining data centers, announced significant upgrades to its mining fleet and set new hash rate and efficiency targets for 2024 and 2025. The company, through its subsidiary Cipher Mining Infrastructure LLC, entered into a Sales and Purchase Contract with Canaan Creative Global Pte. Ltd. to acquire 6,600 A1566 model miners, with deliveries scheduled for October and November 2024. Additionally, Cipher Mining has the option to purchase more miners from Canaan, capable of deploying up to 160 MW, by June 30, 2025. The initial purchase price for the Canaan miners is $16,400,472, with payment terms spread across several milestones. Cipher Mining also entered into a Supplemental Agreement with Bitmain Technologies Delaware Limited, upgrading and accelerating the delivery of...Show More

On June 5, 2024, Cipher Mining Inc., a Delaware-based company specializing in bitcoin mining data centers, announced significant upgrades to its mining fleet and set new hash rate and efficiency targets for 2024 and 2025. The company, through its subsidiary Cipher Mining Infrastructure LLC, entered into a Sales and Purchase Contract with Canaan Creative Global Pte. Ltd. to acquire 6,600 A1566 model miners, with deliveries scheduled for October and November 2024. Additionally, Cipher Mining has the option to purchase more miners from Canaan, capable of deploying up to 160 MW, by June 30, 2025. The initial purchase price for the Canaan miners is $16,400,472, with payment terms spread across several milestones. Cipher Mining also entered into a Supplemental Agreement with Bitmain Technologies Delaware Limited, upgrading and accelerating the delivery of mining rigs from the second quarter of 2025 to the fourth quarter of 2024. The purchase price for the upgraded Bitmain miners is $134,287,826.40, with a structured payment plan. These strategic moves are expected to increase Cipher Mining's self-mining hash rate to approximately 13.5 EH/s by the end of 2024 and to 35 EH/s by the end of 2025, with significant improvements in fleet efficiency. CEO Tyler Page highlighted the upgrades as a step towards increasing production and efficiency while preserving the ability to build the Black Pearl data center in 2025 with cutting-edge equipment. Cipher Mining's strategic investments are fully funded, and the company is poised to strengthen its position as a leader in bitcoin mining growth and innovation.