With Bitcoin prices approaching a new high for the year, it has incentivized Bitcoin mining machine manufacturers such as Ninth City and Yibang, as well as Bitcoin mining companies like Cipher Mining and HIVE Digital Technologies, whose stock prices have significantly increased. This has raised market curiosity about whether these mining companies have recently purchased new mining machines.
Known Mining Equipment Purchases:
Cipher Mining purchased 37,396 units of the latest generation Antminer T21 mining machines.
Iris Energy purchased 8,380 units of the new generation Bitmain T21 mining machines.
Phoenix Group signed a $380 million mining equipment procurement contract with Whatsminer.
Riot invested $290.5 million to order a new generation of MicroBT Bitcoin mining machines.
HIVE purchased 9,800 units of the new generation Bitmain S19k Pro ASIC mining machines.
Yesterday evening, the price of Bitcoin briefly surpassed $44,000, almost reaching a new high for the year. The recent BRC-20 frenzy has stimulated competition in Bitcoin transaction fees, resulting in a surge in profits for Bitcoin mining companies and an upward trend in stock prices. The entire industry chain, including mining machine manufacturers and Bitcoin mining companies, has shown impressive performance.
The most fruitful gains have been seen by Bitcoin mining machine manufacturers Ninth City and Yibang, whose stock prices rose by as much as 22.9% and 52.75%, respectively. SOS and Canaan Technology also saw increases of 17.18% and 15.25%.
In terms of Bitcoin mining companies, Cipher Mining and HIVE Digital Technologies saw significant increases of 6.69% and 8.62%, respectively. This has led to market speculation about whether these mining companies have foreseen the recent price increase and signed contracts with mining machine manufacturers to purchase new mining machines.
In anticipation of the rise in Bitcoin, mining companies are engaging in large-scale technological upgrades and expansions to maintain their leading positions in the competitive cryptocurrency mining industry.
On December 18, Cipher Mining signed an agreement with Bitmain to purchase 37,396 units of the latest generation Antminer T21 mining machines, with a total investment of $99.5 million. These mining machines are expected to be delivered in the first half of 2025.
On December 15, Iris Energy announced an investment of $22.3 million (in installments) to purchase 8,380 units of the new generation Bitmain T21 mining machines. These mining machines are expected to be shipped in the second quarter of 2024, with the goal of increasing their mining power to 10 EH/s (the total network Bitcoin hash rate is approximately 478.15 EH/s).
On December 7, Phoenix Group signed a mining equipment procurement contract worth $380 million with Whatsminer, marking Whatsminer’s largest order in the past two years. The contract requires immediate delivery of mining machines worth $136 million, with an additional option worth $246 million.
On December 4, cryptocurrency mining company Riot, through its manufacturing subsidiary, invested $290.5 million to order a new generation of MicroBT Bitcoin mining machines. The order includes the recently released M66S mining machines, which have an efficiency rating of 18.5 EH/s. All machines will be manufactured in the United States and specifically designed for immersion cooling. This is considered the largest mining power order in Riot’s history.
HIVE Digital Technologies purchased a total of 9,800 units of the new generation Bitmain S19k Pro ASIC mining machines on November 14 and December 4, with an investment value of approximately $14 million. The total hash rate reached around 3.35 Exahash, significantly increasing their mining capacity. These new mining machines replaced less efficient old machines. After installation, HIVE’s overall power consumption is expected to decrease to approximately 28.9 J/TH, and the mining hash rate is expected to reach 4.8 EH/s by the end of December. HIVE expects these latest generation mining machines to generate positive cash flow after Bitcoin’s halving.
Further reading:
According to a recent report, mining companies have purchased over $1.2 billion worth of Bitcoin mining machines at least by 2023. It is worth noting that the Bitcoin mining industry carries extremely high risks, and these high-risk companies are increasing leverage, purchasing new mining machines, and expecting stable cash flow from Bitcoin, demonstrating their optimistic expectations for the Bitcoin market in the coming years. While mining companies have made such large purchases and are just about to start mining, mining machine manufacturers have already made massive profits, making them the biggest winners.
Related reports:
Mining companies are booming! UBS, Deutsche Bank… 14 new institutions “buying Bitcoin” BTDR rises over 13% in a single month.
Bitcoin mining company financing in 2023: $73 million invested, deployment of 25,000 mining machines.
HIVE report: Over 3,000 S19j Pro mining machines purchased a year ago have already paid off! Stock price soars over 150%.
Tags:
Cipher Mining
Hive
Iris Energy
Phoenix Group
Riot
SOS
Yibang
Canaan Technology
Ninth City