Mining
Cipher Mining (CIFR) introduced the acquisition of 11,000 bitcoin mining rigs from Canaan Inc. (CAN) after reaching 6 exahash/second (EH/s) of computing energy, the agency stated Tuesday.
The brand new Canaan mannequin A1346 rigs will increase its computing energy to 7.2 EH/s when put in, with energization anticipated by the top of Q3. Cipher says it has the potential attain 8.2 EH/s by the top of the yr.
On the time of writing, Cipher’s inventory was up over 6% at $2.07 in pre-market buying and selling.
The miner barely overshot its beforehand said hashrate goal of 5.7 EH/s for the top of Q1. In the meantime, its web loss per share fell by greater than half in Q1 2023 in comparison with the identical interval final yr; to $0.03 from $0.07.
The miner expects a median value of $0.027 per kilowatt hour (kWh) of electrical energy throughout its portfolio, with 96% of its capability secured by fastened value agreements. Different miners with out fastened value agreements noticed hovering prices in 2022 as a result of power disaster.
Canaan noticed its gross sales dwindle all year long, outcompeted by different producers whereas the market general was depressed.
