Bitcoin mining company Cipher Mining has announced its acquisition of 37,396 Antminer T21 machines, worth approximately $99.5 million. This purchase will provide the company with an additional 7.1 EH/s of computing power. Due to the long delivery times associated with Antminer machines, the delivery and deployment of these units are expected to be completed in the first half of 2025. This move aligns with the trend of major mining facilities actively expanding their equipment inventory.

In a statement, CEO Tyler Page mentioned that this investment will allow Cipher to establish a mining facility called Black Pearl with a capacity of 135 MW. Additionally, they have secured an option to purchase an additional 45,706 T21 machines in 2024, equivalent to 8.7 EH/s. The CEO emphasized that this transaction will bring down the cost per TH/s to just $14, highlighting their belief in an upcoming bull market for Bitcoin and their commitment to investing in mining infrastructure.

Cipher has been actively expanding its mining operations in recent times. Last month, they acquired land and power facilities for a Texas-based mining facility through a stock swap transaction worth $7 million. In May of this year, the company also announced an investment in 11,000 Canaan A1346 mining machines. Similar acquisitions by other mining facilities, such as Iris Energy, indicate a positive long-term outlook for Bitcoin prices in the mining industry.