Bitcoin mining company Cipher Mining has purchased 16,700 next-generation Avalon A1466 miners from Canaan for delivery and installation in Q2 2024. This expands Cipher's total self-mining capacity to 8.4 exahashes per second (EH/s).

The new machines will be split between Cipher's Bear and Chief Mountain mining facilities in Texas. The 30 megawatt expansion, representing 1.25 EH/s at each site, is timed around Bitcoin's upcoming halving event, expected in mid to late April.

Cipher CEO Tyler Page said the purchase "positions us for strong growth" and to be "one of the industry winners coming out of the halving" which has coincided with past Bitcoin price surges. Terms were described as very favorable.

This marks Cipher's second major miner purchase from Canaan, following an initial positive experience with performance in Texas summer heat. Last year, Cipher also bought 37,396 Antminer T21s from Bitmain for $99.5 million, to be delivered in 2025.

In December, Cipher mined 465 Bitcoin, up 7.4% monthly. They now hold 796 BTC worth $34 million. After an 88% share price drop in 2022, Cipher bounced back 638% to a $1.01 billion market cap in 2023.

By expanding mining capacity ahead of the halving, Cipher aims to capitalize on expected renewed Bitcoin price momentum.