Cipher Mining announces 60 MW expansion of its Bear and Chief JV data centers

Cipher Mining, a leading developer and operator of bitcoin mining data centers, has announced that Bear LLC and Chief Mountain LLC, the joint venture entities in which Cipher holds 49% interests, have entered into agreements with Canaan to purchase 16,700 units of the latest generation Avalon A1466 miners for delivery in the second quarter of 2024. Cipher and its joint venture partner plan to install half of these miners at the Bear facility and half at the Chief facility, representing an expansion of ~30 MW, or ~1.25 EH/s, at each data center. Payment terms allow Bear LLC and Chief Mountain LLC to deliver up to 30% of the total consideration in the 90 days after delivery.

Tyler Page, CEO of Cipher, commented, “We are pleased to announce we have finalized and funded the plans for initial 30 MW expansions in the second quarter at each of our Bear and Chief joint venture facilities. These expansions, along with plans for our newly acquired Black Pearl site, position us for strong growth, and I expect Cipher to be one of the industry winners coming out of the halving.”

“We are also very excited to execute our second miner purchase and expand our relationship with Canaan, and happy to have done so at this point in the machine market cycle and on very favorable terms. The Canaan machines we purchased last year are among the best performing miners in our fleet, especially in the Texas summer heat, and we look forward to adding another 2.5 EH/s of their machines to our joint venture data centers in Texas with this purchase,” continued Mr. Page.

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