Cipher Expedites Bitmain Shipment by Upgrading to S21 Pro at $19/TH

CORRECTION: An earlier version of this article erroneously stated that Cipher’s upgraded order of 30,364 S21 Pros totaled 6 EH/s for $22/TH/s. It has been corrected to 7.1 EH/s at $19/TH/s.

Texas-based Cipher Mining (NASDAQ: CIFR) has signed a preorder agreement with Canaan to purchase 6,600 units of its Avalon 1566 model for $16.4 million, according to a company filing on Monday.

The preorder values the hardware at $13.12/TH/s, based on the A1566 model’s hashrate specification of 185 TH/s per unit. According to the filing, the preorder is scheduled to be delivered in multiple batches in October and November this year.

Cipher has also secured an option to purchase additional Avalon miners before June 30, 2025, with a total power capacity of up to 160 megawatts at the same price, or 110% of the initial preorder price if Canaan releases more advanced models by then.

Additionally, Cipher has accelerated the shipment schedule of its preordered Antminers from Bitmain last year for a higher price.

As previously reported, Cipher preordered 37,396 units of Bitmain’s Antminer T21 model in December, totaling 7.1 EH/s, for $99.5 million, valuing the contract at $14/TH/s with delivery scheduled for the first half of 2025.

On Monday, Cipher announced that it had revised the preorder to instead purchase 30,364 units of Bitmain’s Antminer S21 Pro model, still totaling 7.1 EH/s, but for $134 million. This revision values the contract at $19/TH/s, with delivery expected in two batches in September and October this year.

Cipher disclosed the Avalon preorder and the Antminer upgrade in a release last week but did not provide details on the price tag or the premium for accelerating the shipment schedule.

With these new purchases and the accelerated delivery schedule, Cipher expects to achieve a proprietary hashrate of 13.5 EH/s by year-end, with an efficiency of 18.6 J/TH.