Crypto Mining (CIFR) has launched Bitcoin
BTC$103,760.80
Production at Texas’ 300 megawatt (MW) black pearl facility announced Monday. The launch was an important milestone for the company and currently operates five active Bitcoin mining data centers.
Phase I for a site currently running at 150 MW reached an initial hashrate of 2.5 exer hash per second (EH/S). That number is expected to rise to 9.6 EH/s by the end of the third quarter, as new mining rigs arrive and replace the old units. When fully operational, Cipher’s total fleet pushes towards a self-employed capacity of 23.1 Eh/s.
The company has provided the site in 16 months, celebrating the operational sector to maintain low production costs among industry volatility.
“We are proud to be mining Bitcoin earlier than planned,” CEO Tyler Page said in a statement.
Cipher’s broader infrastructure strategy includes a 2.6 Gigawatt (GW) pipeline that can be useful for both high-performance computing (HPC) clients and Bitcoin mining.
As competition grew in the post-harving market, it became important for public miners like Cipher to expand cheaply and quickly to try and maintain their advantage.
CIFR fell 6.9% on Monday during regular trading. The shares will be 1.9% higher after business hours.