:format(jpg)/www.coindesk.com/resizer/r4hCNh4zR8o4AxiOYIgV0l2Wigc=/arc-photo-coindesk/arc2-prod/public/QPY362MKDVA77CB4EHZRXW2KZM.jpeg)
Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
Cipher Mining (CIFR) announced the purchase of 11,000 bitcoin mining rigs from Canaan Inc. (CAN) after reaching 6 exahash/second (EH/s) of computing power, the firm said Tuesday.
The new Canaan model A1346 rigs will boost its computing power to 7.2 EH/s when installed, with energization expected by the end of Q3. Cipher says it has the potential reach 8.2 EH/s by the end of the year.
At the time of writing, Cipher’s stock was up over 6% at $2.07 in pre-market trading.
The miner slightly overshot its previously stated hashrate target of 5.7 EH/s for the end of Q1. Meanwhile, its net loss per share fell by more than half in Q1 2023 compared to the same period last year; to $0.03 from $0.07.
The miner expects an average price of $0.027 per kilowatt hour (kWh) of electricity across its portfolio, with 96% of its capacity secured by fixed price agreements. Other miners without fixed price agreements saw soaring costs in 2022 due to the energy crisis.
Canaan saw its sales dwindle throughout the year, outcompeted by other manufacturers while the market overall was depressed.
Edited by Parikshit Mishra.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia.
