Cipher Mining’s recent statement confirms adding 11,000 A1346 model machines to increase the total hash rate above 7.2EH/s. The addition of the new mining machines is set to increase the mining capacity of the US company.
Acquisition of A1346 Models Boosts Cipher’s Hash Rate
The purchase of the new A1346 model from the Chinese mining equipment manufacturer is set to expand Cipher’s capacity. In particular, the addition is increasing the equipment fleet of Cipher Mining (CIFR) to exceed 70000 mining rigs.
The Monday, May 9 joint statement indicated that Cipher would receive the new mining equipment fleet from Canaan by the third quarter of 2023. As a reputable provider of high-performance computing solutions, the Nasdaq-listed Canaan Inc. (CAN) is bound to deliver the Texas-based Odessa facility.
The chief executive of Cipher Mining Inc., Tyler Page, confirmed that the collaboration with Canaan is set to benefit the US firm, given that the Chinese manufacturer is among the pioneer providers of ASIC high-performance equipment within the computing chip sector.
Page confirmed that Cipher tech and operations departments had already been working with the Canaan team to assess the latest generation of mining equipment for several months. The executive admires Canaan’s mining equipment and their capability to guarantee extreme performance despite the hot summer season in Texas.
Canaan chief executive Nangeng Zhang enthusiastically supported the Cipher Mining quest to advance its portfolio of operating superior bitcoin mining data centers. The chair of the Chinese equipment manufacturer lauded the collaboration as beneficial to Cipher in acquiring the fleet of cutting-edge machines.
Zhang considers the new A1346 model capable of propelling the growth of the mining industry, particularly by generating commercial value for the customers.
Canaan Mining Equipment Guarantees Weather Tolerant Efficiency
The executive confirmed that Canaan offers beyond supporting North American customers with cutting-edge mining equipment. Also, Zhang revealed that Canaan prioritizes careful upgrades of the existing hardware and software to guarantee peak efficiency regardless of the operating conditions.
Zhang commended the Canaan-Cipher agreement as a testament to the Chinese manufacturer expanding geographical presence within the US market. He was optimistic that the continued provision of top-tier products and unparalleled support services is set to make a meaningful contribution to Ciphers Mining Inc quest for continuous growth.
Zhang restated the devotion of the Canaan team to becoming the innovation catalyst that would redefine the Bitcoin mining community. In particular, it is set to empower the decentralized mining industry.
The A1346 model constitutes a part of the latest Avalon Made A13 series that Canaan introduced in October 2022. The model yields a 110 TH/s hash rate with guaranteed power efficiency averaging 30J/TH. The model is rapidly becoming an attractive alternative to the Antminer ASICs and Whatsminer equipment.
Cipher Mining executive revealed that delivering the new machines would energize its third quarter operations. In particular, it will mark the completion of the new facility in Odessa that Cipher anticipates reinforcing its position as the leading Bitcoin miner.
Cipher Stock Gains as Btc Difficulty Declines
Meanwhile, Page lauded the current achievements where Cipher accomplished increased self-mining capacity that averages 6.0 EH/s. The accomplishment exceeds the firm’s hash rate target of 5.7 EH/s in March.
News of acquiring the latest A1346 equipment is propelling Cipher Mining (CIFR) stock to exchange hands at $2.19, 9.5% higher in a day at the Nasdaq exchange.
The joint statement by Cipher and Canaan coincides with a period when Bitcoin’s hash rate declined. The computing power utilized to secure the network averages 343 EH/s, as illustrated by Blockchain.com.
The bitcoin mining difficulty has gradually declined, indicating reduced complexity in producing new blocks. In particular, by May 4, the difficulty declined by 1.45% to 8.01 T. Nonetheless, the difficulty is set to increase by 1.30% to 48.63T, as shown by btc.com.
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