According to the Agreement, Cipher Mining has acquired 6,600 units of Canaan's latest product, the Avalon Miner A1566, which features advanced computing power and power efficiency. The initial order is expected to be delivered in the fourth quarter of 2024.

In conjunction with the Agreement, Cipher also secured an option to purchase additional mining machines, which fulfill a total capacity of up to 160 megawatts. This option provides Cipher with the flexibility to scale their operations as needed.