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Cipher Mining, a cryptocurrency mining organization based in North America, has deployed 37,000 next-generation Antminers from Bitmain to expand its bitcoin (BTC) mining operations. Acquired from one of the largest specialty miners in the world, the new machines, valued at roughly $100 million, will give Cipher a greater degree of control over its BTC mining operations, allowing it to more effectively compete in the competitive market.
The new miners, primarily S19 and S19 Pro Antminers, will provide Cipher with a significantly improved power efficiency and greater hashing power than conventional mining machines. This improved hashing power will enable Cipher to compete more effectively with the likes of Chinese-based miners such as Bitmain, MicroBT, and Canaan.
With the addition of the new machines, Cipher now has 56 megawatts (MW) of power capacity supporting its expanded mining operations. This expansion will also enable Cipher to offer more competitive pricing for its mining services, which could potentially bring it a larger market share.
Cipher, which was recently acquired by Digital Currency Group (DCG), is also reportedly in the process of constructing a bitcoin mining campus in West Texas. The new campus, which is expected to expand the company’s total power capacity to up to 600MW, will be home to its expanded mining capacity. According to its press release, Cipher is “one of the largest bitcoin mining operators in North America.”