Cipher Mining Partners With Canaan Inc. Buying 11k Mining Machines

• Cipher Mining and Canaan Inc laid an agreement to purchase.
• More than 70k mining machines will be on Cipher’s deployed fleet.

Over 11k new mining machines have been purchased by Cipher Mining (CIFR), a major Bitcoin mining data center company. This purchase happened with Canaan Inclusion, a computing solutions provider on May 9, Tuesday. 

Furthermore, the announcement of new A1346 model mining machines is getting ready to be launched in the upcoming quarter (Q3) of the year 2023. This will be used at Cipher’s Odessa, Texas facility. Additionally, the agreement added:

“Following the delivery, Cipher will have a deployed fleet of more than 70,000 mining machines and 7.2 EH/s of self-mining capacity across its portfolio.”

What Do the CEOs of Cipher and Canaan Say?

The CEO of Cipher Mining, Tyler Page disclosed a happy note on the collaboration with ASIC high-performance computing provider, Canaan. He added that this agreement supports the managing cyclicality of bitcoin mining space prices for extraordinary return on investment (ROI). Whereas, Page expects that this purchase would be an add-on to their fleet and anticipate these mining machines to perform very well in the process. 

However, the CEO and Chairman of Canaan Inc., Nangeng Zhang has given support by honoring Cipher for their world-class mining performances. He believes that their software would enhance higher efficiency thereby North American users might come forward for Canaan’s services. 

Meanwhile, Zhang said, 

“Today’s agreement with Cipher stands as a testament to our expanding presence in the U.S. market”. 

The expressive Canaan team claims to contribute to Cipher’s vigorous growth through its services to the Bitcoin mining community. The team is well-prepared for the nook and corner expansion of their unparalleled services in this decentralized crypto world.