The prominent Bitcoin mining company Cipher has invested in purchasing 11000 mining machines. The Cipher team issued a press release dated May 9 concerning the purchases of the Bitcoin miners.
In the announcement, the Cipher group confirmed that the purchases aimed at propelling the hash rate to reach the 7.2 EH/s level. They argued that the new 11000 Bitcoin miners exhibited enormous potential in increasing the Bitcoin hash rate.
Cipher Collaborates with Canaan Inc.
Furthermore, it was reported that the Cipher team purchased the A1346 model of the mining machines to expedite the process. As of this writing, the Cipher team owns more than 70000 mining rigs.
Cipher’s chief executive Tyler Page was glad to announce the partnership with the famous computing solution provider Canaan Inc. He added that the Cipher technical team would work closely with Canaan Inc. to experiment the performance of the new Bitcoin machines for a couple of months.
Page was optimistic that the newly purchased mining machines would support the efficiency of the existing fleets. He anticipates that with the new machine, the Cipher will sustain its operation in the summer when the temperatures are extremely hot in Texas.
In his statement, Page explained that the A1346 model was developed from the Avalon Made A13 series, which has been out in the market since last year. The new model has a hash rate of 110TH/s and a power storage capacity of 30J/TH.
Cipher Purchase Additional Bitcoin Miners
Responding to Page’s announcement, the chairman of Canaan Inc., Nangeng Zhang, expressed delight in supporting Cipher to expand its Bitcoin mining activity. He believes that Canaan’s ground-breaking mining tools will increase the growth of the Bitcoin mining and create more value for the customers.
In his remarks, Zhang revealed that the Canaan technical team has prioritized improving mining machines’ existing software and hardware of the machines to improve efficiency and reliability. The upgrades aim to improve the usability of the mining devices to operate in all weather conditions.
He confessed that the Tuesday partnership agreement with Cipher would support Canaan in broadening its market presence in the US. Additionally, Zhang revealed plans to support the growth of Cipher.
He urged the Canaan team to continue exploring effective strategies to boost innovation in the Bitcoin mining sector.
Such incredible features of the Bitcoin Miners are expected to complement the efficiency of Whatsminer and Antminer ASICs in the coming days. According to the Cipher press release, the new machines will be deployed in Q3 of 2023.
Why is Cypher Increasing Bitcoin Miners Fleets?
Cipher plans to install the new machines in Odessa, Texas, where the company is developing a mining facility. In support of Cipher’s report, the company spokesperson announced that the recent purchase aimed at cementing the firm market position as the best-performing Bitcoin miner.
In a previous report, Cipher issued an update revealing that the company reached a self-mining level in Q1. The report illustrated that Cipher mining power surged to 6.0 EH/s in April from a hash rate of 5.7 EH/s in March.
In 2021, Cipher was listed on Nasdaq under the ticker symbol CIFR in the race to gain significant dominance in Bitcoin mining. At press time, 15:07 UTC, the CIFR was down by 0.26% to trade at $0.94.
Cipher’s May 9 announcement came when the Bitcoin hash rate defiled the downward momentum a few days ago. The BTC hash rate reached its all-time high at 356 EH/s days ago.
According to data from Blockchain.com, the BTC hash rate dropped by 345.4 EH/s in a day. The changes in the BTC hash rate enable crypto firms to analyze the amount of power required to support the security of the blockchain network.
Recently, it was observed that the Bitcoin average difficulty (BAD) dropped by 1.45% to reach 48.01T as of May 4. The analyst predicted the BAD level would sink further by 0.35% on May 13. The BAD technology has commonly been used to estimate the complexity of creating new blocks.