Cipher and Tether Bitcoin Mining Giants

Cipher and Tether Bitcoin Mining Giants

Time Stamp: December 18, 2023 9:28 PM
Cipher and Tether Bitcoin Mining Giants PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Cipher Mining Inc., a NASDAQ-listed Bitcoin mining powerhouse, is set to revolutionize its operations with the acquisition of a staggering 37,396 units of Bitmain’s latest Antminer T21 series. This colossal investment, amounting to around $99.5 million, marks a strategic move to bolster their mining capabilities.

In a recent press release, Cipher Mining unveiled their ambitious plan, underlining the immense potential of each Antminer T21 unit, boasting an impressive 7.1 EH/s self-mining capacity. These cutting-edge miners are slated for delivery in the first half of 2025, propelling Cipher’s mining prowess.

CEO Tyler Page shed light on the company’s vision, emphasizing the alignment of their expansion with the establishment of a 165 megawatts per hour (MWh) facility at the newly acquired Black Pearl site by 2025. This expansion, powered by custom software and operational finesse, aims to leverage the T21 series’ capabilities amidst favorable pricing dynamics in the ERCOT market.

Page highlighted the strategic advantage of securing the Antminer T21 series at an attractive rate of $14/TH, amplifying Cipher’s readiness to capitalize on the anticipated Bitcoin surge in the upcoming year.

Cipher’s strategic moves commenced earlier in 2023, securing 11,000 mining rigs from Canaan in the first quarter, elevating their mining capacity to 7.2 EH/s. With a portfolio boasting over 70,000 mining rigs, Cipher’s trajectory in the Bitcoin mining sphere has been resolute.

Moreover, the acquisition of a Texas-based mining site in November 2023, worth $7 million, is poised to fortify Cipher Mining’s operational capacity to a staggering 300 MWh by 2025, reflecting their strategic foresight and commitment to scaling operations.

Simultaneously, Tether, renowned for its USDT stablecoin, has announced its foray into Bitcoin mining with a colossal investment of $500 million over three years. The company’s roadmap entails establishing mining sites and acquiring stakes in mining operations, signaling a diversification of focus from a crypto financial service provider to Bitcoin infrastructure support.

Paolo Ardoino, Tether’s new CEO, elucidated the company’s evolution, emphasizing the adoption of renewable energy for proof-of-work (PoW) coin mining. Additionally, Tether’s venture into communications and AI underpins their mission to create resilient, community-driven products for the evolving crypto landscape.

In a landscape where giants like Cipher Mining expand their operations and industry stalwarts like Tether pivot towards mining and infrastructure, the Bitcoin ecosystem is witnessing a profound shift that could redefine its future trajectory.

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