Cipher JVs Buy 2.5 EH/s Bitcoin Miners for 60MW Texas Expansion
The two joint ventures (JVs) formed by Texas bitcoin mining firm Cipher and its power partner WindHQ are expanding their mining fleets by purchasing the newest generation of equipment from Canaan (NASDAQ: CAN).
Cipher Mining said on Wednesday that its Bear and Chief JVs have preordered 2.5 EH/s of Canaan’s Avalon A1466 bitcoin miners for “favorable terms.” Concurrently with the fleet expansion, the two JVs will increase their power capacity by 30 megawatts each.
The shipment is expected to begin in the second quarter, and Cipher said the contract allows the JVs to pay up to 30% of the total payable within 90 days after the delivery.
Cipher did not disclose the exact cost of the contract, but its bitcoin mining competitor Stronghold Digital said on Tuesday that it secured an option to buy Canaan’s A1466 miners for $12/TH/s.
Cipher has one fully-owned bitcoin mining site and three JV sites with WindHQ, all located in Texas. With a 49% ownership in each of the JVs, Cipher said the new purchases will add about 1.2 EH/s to its current proprietary mining capacity.
The A1466 purchases follow Cipher’s recent preorder of 7.1 EH/s of Bitmain’s Antminer T21 for $100 million, which is shipping in 2025 and will be plugged into Cipher’s new proprietary site in Texas.
Cipher mined 465 BTC in December, a 7.4% increase from November thanks to the surge in bitcoin’s transaction fees.
