By Michael Scott
Cipher Mining, a United States Bitcoin mining organization, is improving its fleet by purchasing 11000 new A1346 model machines from Canaan.
Cipher Mining Set for Improved Hash Rate Capacity by Adding Canaan A1346 Machines
Including 11000 new A1346 model machines from Canaan, the Chinese developer of crypto mining equipment will bring Cipher Mining’s overall hash rate capacity to more than 7.2 EH/s. According to a press release, the company claimed the purchase resulted in a machine fleet of more than 70000 mining rigs.
Tyler Page, the Chief Executive Officer (CEO), stated that the company is happy to officially start a partnership with Canaan, a major ASIC high-performance computing chip industry player. Further, he claimed that over the past several months, Cipher’s and Canaan’s operations and technology personnel have collaborated to test the new generation of mining machines.
The mining machines will likely be critical to Cipher’s fleet. Additionally, their performance is expected to be excellent, particularly during Texas’s hot summer months.
Acquiring New Machines Improving Cipher Mining Capacity
Canaan’s CEO and Chairman, Nangeng Zhang, claimed that Cipher is privileged to support Cipher in improving its mining operations. The organization strongly believes that the mining machines’ excellent performance will be critical in growing the industry while offering considerable commercial value to clients.
Further, he claimed that in addition to utilizing cutting-edge technology to support US clients, Canaan conducts software and hardware upgrades to guarantee peak efficacy in operating conditions. As such, clients depend on the company to provide excellent services.
Acquiring Mining Fleet Alternative to Antminer and Whatsminer ASICs
Nangeng Zhang added that the two companies’ agreement is evidence of the rising presence across the United States. The provision of high-quality products and unmatched services will ensure the making of appropriate contributions to the constant growth of Cipher. Further, the committed team seeks to be an innovation catalyst within the crypto community, and there will be efforts to empower the growing industry.
Introduced in October 2022, Canaan’s A1346 model forms a part of the new Avalon Made A13 series. Besides, it includes features such as a 30J/TH power efficacy and a 110 TH/s hash rate. As such, it is an excellent option for famous Antminer and Whatsminer ASICs. According to Cipher, the new machines should be delivered and energized in this year’s third quarter, and this initiative will complete the buildout at the organization’s facility in Odessa, Texas.
Cipher Mining’s Increasing Capability as Bitcoin Hash Rate Rises
A Cipher spokesperson revealed that the move would strengthen the company’s position as a major Bitcoin miner. The current first quarter 2023 update shows that Cipher has attained a self-mining capability of more than 6.0 EH/s, surpassing the previous March target of 5.7 EH/s.
In August 2021, Cipher went public on the Nasdaq, and today, it saw its stocks reduce nearly 4 percent at the market. This announcement came amid Bitcoin’s hash rate rising to an all-time high of 356 EH/s last week and reducing to 345.4 EH/s yesterday. The hash rate is a figure depicting the number of times per second that networks are hashing data for transaction verifications and encryption execution.
In the meantime, Bitcoin mining difficulty, a measurement indicating the difficulty of making new blocks, fell 1.45 percent to 48.01T. Another drop of 0.35 percent is anticipated following the alteration of the next difficulty in nine days.