Cipher Scales BTC Mining Operation with 37,000 Bitmain Antminers Worth $100M
Cipher, a cryptocurrency mining company, has scaled up its bitcoin mining operation with 37,000 Antminers from Bitmain, the world’s largest producer of cryptocurrency mining equipment. Worth around $100 million, the massive batch of Antminers is one of the largest mining deployments of its kind.
Cipher said that the Antminers will help it “increase bitcoin mining operations from its existing 12MW to the full capacity of its 63MW capacity datacenter.” According to Cipher, the Antminers are specially designed for energy efficiency and low running costs of mining operations.
Cipher’s mining operation is powered by a dedicated substation in central Texas, and the company claims that its energy costs are among the lowest in the industry. It is part of the global group of miners who form the so-called Mining Pool Alliance, which controls much of the world’s bitcoin network.
Cipher’s expansion into bitcoin mining is a sign that the mining industry is in the midst of a major shift. As more miners join the market, competition is increasing and the need for specialized mining hardware is on the rise. By upgrading its facilities and deploying more Antminers, Cipher is looking to increase its competitive edge in the mining space.