Cipher

Pearl

Bitcoin

<a href="https://ultramining.com/news/en/cipher-mining-thrives-eyes-increased-market-share/">Cipher</a> Mining, a leading bitcoin mining firm based in Texas, is expanding its operations with the acquisition of a new site in Cotulla, Texas, for $2.5 million. The company announced this purchase in a <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> update for May, highlighting its commitment to increasing capacity in the Lone Star state, according to <a href="https://theminermag.com/news/2024-06-04/cipher-mining-texas-bitcoin-site-purchase/">TheMinerMag</a>. 
The Cotulla site, featuring at least 70 MW of capacity, will not be operational until 2026. Cipher expects to finalize the purchase in early July. This acquisition follows the company's purchase of the 300 MW Black Pearl site in Texas last year. 
In May, Cipher reported a proprietary mining production of 158 BTC and generated 8 BTC equivalent from power sales. The company increased its installed <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> to 8 EH/s by the end of May, up from 7.7 EH/s in April. Additionally, Cipher sold 50 BTC in the first full month after the bitcoin <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a>, representing 30% of its bitcoin and bitcoin equivalent production.

Cipher Mining Expands in Texas with $2.5M Bitcoin Mining Site Acquisition

Ultramining_Eng

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