:format(jpg)/www.coindesk.com/resizer/r4hCNh4zR8o4AxiOYIgV0l2Wigc=/arc-photo-coindesk/arc2-prod/public/QPY362MKDVA77CB4EHZRXW2KZM.jpeg&description=Cipher+Mining+Buys+11%2C000+Crypto+Mining+Rigs+From+Canaan%2C+Reaches+6+EH%2Fs+Hashrate){kind=link}
:format(jpg)/www.coindesk.com/resizer/r4hCNh4zR8o4AxiOYIgV0l2Wigc=/arc-photo-coindesk/arc2-prod/public/QPY362MKDVA77CB4EHZRXW2KZM.jpeg "Cipher Mining Buys 11,000 Crypto Mining Rigs From Canaan, Reaches 6 EH/s Hashrate")
Eliza Gkritsi is CoinDesk’s crypto mining reporter primarily based in Asia.
Cipher Mining (CIFR) introduced the acquisition of 11,000 bitcoin mining rigs from Canaan Inc. (CAN) after reaching 6 exahash/second (EH/s) of computing energy, the agency stated Tuesday.
The brand new Canaan mannequin A1346 rigs will increase its computing energy to 7.2 EH/s when put in, with energization anticipated by the top of Q3. Cipher says it has the potential attain 8.2 EH/s by the top of the 12 months.
On the time of writing, Cipher’s inventory was up over 6% at $2.07 in pre-market buying and selling.
The miner barely overshot its beforehand said hashrate goal of 5.7 EH/s for the top of Q1. In the meantime, its web loss per share fell by greater than half in Q1 2023 in comparison with the identical interval final 12 months; to $0.03 from $0.07.
The miner expects a mean value of $0.027 per kilowatt hour (kWh) of electrical energy throughout its portfolio, with 96% of its capability secured by mounted value agreements. Different miners with out mounted value agreements noticed hovering prices in 2022 because of the power disaster.
Canaan noticed its gross sales dwindle all year long, outcompeted by different producers whereas the market general was depressed.
Edited by Parikshit Mishra.
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Eliza Gkritsi is CoinDesk’s crypto mining reporter primarily based in Asia.
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Eliza Gkritsi is CoinDesk’s crypto mining reporter primarily based in Asia.
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