Cipher Buys 7.1 EH/s for New Texas Bitcoin Mining Site

It has secured an option to buy another 8.7 EH/s in 2024 for the same price of $14/TH/s.

Texas-based bitcoin mining company Cipher Mining has bought 7.1 EH/s of Bitmain’s Antminer T21 equipment scheduled for shipment in 2025 for its newly acquired site in the Lone Star State.

The company said in an announcement on Monday that it has also secured an option to buy another 8.7 EH/s, which it can choose to exercise in 2024 for the same price of $14/TH/s.

Cipher’s initial purchase of 7.1 EH/s is valued at nearly $100 million and adds to the $1.2 billion arms race among public mining companies ahead of the halving next year.

Cipher has previously bought a new 300-megawatt (MW) site in Texas, which is part of the next wave of bitcoin mining infrastructure boom in North America. The company said the new preorder of 7.1 EH/s will be energized by the initial 135 MW of the new Black Pearl site.

“If we choose to exercise our full purchase option, we will have enough mining rigs for another 165MW of infrastructure,” said Tyler Page, CEO of Cipher.

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Cipher currently operates a fully-owned site called Odessy in Texas and has three joint ventures with a wind power generator in the state. After energizing the Odessy facility late last year, the company has notably scaled up its bitcoin production and was the sixth largest by realized hashrate in November.

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