Crypto mining company Cipher Mining has announced it plans to purchase 11,000 A1346 Bitcoin miners from Canaan.
The new hardware is reportedly expected to increase processing power from the current 6 EH/s to 7.2 EH/s, while Cipher plans to reach 8.2 EH/s by the end of the year.
The delivery date for the devices is the third quarter of 2023. The facility will be located in Odessa, Texas.
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The company's net loss per share was cut in the first quarter of the year by more than half year over year, from $0.07 to $0.03.
Cipher expects the company's average electricity price to be $0.027 per kWh, with 96% of its capacity covered by fixed-price agreements.
Canaan's Q4 2022 revenues came in at $56.8 million, down 59.9% from the previous reporting period.