Cipher Mining Inc., a developer and operator of bitcoin mining data centers, announced today an agreement with Canaan.

Bear LLC and Chief Mountain LLC, joint ventures in which Cipher holds 49% interests, will purchase 16,700 units of the latest Avalon A1466 miners from the country.

The delivery is scheduled for the second quarter of 2024.

The distribution plan involves installing half of these miners at the Bear facility and the remaining half at the Chief facility.

Improved Overall Production

This move represents a expansion of approximately 30 MW, or about 1.25 EH/s, at each data center.

Payment terms will allow for the delivery of up to 30% of the total consideration within 90 days post-delivery.

Cipher's CEO, Tyler Page, said:

"We have finalized and funded the plans for an initial 30 MW expansion in the second quarter at each of our Bear and Chief joint venture facilities."

He underscored the strategic importance of these expansions, combined with plans for their recently acquired Black Pearl site, positioning Cipher for robust growth.

Page anticipates Cipher's prominence in the industry post-halving.

Cipher, an emerging technology company focused on bitcoin mining data centers, aims to contribute to the expansion and strengthening of critical infrastructure within the Bitcoin network.