Cipher Mining Announces Significant Upgrades to its Mining Fleet and Increases Target Hash Rate and Fleet Efficiency for 2024 and 2025

Core Insights - Cipher Mining Inc. has announced significant upgrades to its mining fleet, targeting a self-mining hash rate of approximately 13.5 EH/s by the end of 2024 and 35 EH/s by the end of 2025, with improvements in fleet efficiency from 18.6 J/TH to 15 J/TH [1][3] Group 1: Mining Fleet Upgrades - The company has amended its existing contract with Bitmain to accelerate the delivery of upgraded S21 Pro mining rigs to the fourth quarter of 2024, instead of the second quarter of 2025 [1][3] - Cipher Mining has entered into a new agreement with Canaan to purchase around 1.25 EH/s of the latest generation A1566 miners, with delivery also expected in the fourth quarter of 2024 [2][3] Group 2: Strategic Planning and Future Growth - The upgrades will allow Cipher to enhance the efficiency of its mining operations immediately, particularly at its Odessa site, while also preparing for the construction of the Black Pearl data center in 2025 [3][4] - The company has secured an option to purchase an additional 160 MW of next-generation miners from Canaan, with pricing locked in near current A1566 prices [2][3]