The company said that Cipher Mining, (CIFR), purchased 11,000 bitcoin mining rigs after reaching 6 exahash/seconds (EH/s).

When installed, the new Canaan A1346 rigs are expected to boost computing power up to 7.2 EH/s. The rigs should be ready for use by the end Q3. Cipher claims that it can reach up to 8.2 EH/s at the end of this year.

As of the time this article was written, Cipher stock had risen over 6% to $2.07 during pre-market trading.

The miner slightly exceeded his previously stated hashrate goal of 5.7 EH/s at the end of Q1. The miner’s hashrate target of 5.7 EH/s for the end of Q1 was slightly overshot.

The miner anticipates an average of $0.027 for each kilowatt-hour (kWh) across its portfolio. 96% of the miner’s capacity is secured by fixed price contracts. The energy crisis will increase costs for other miners who do not have fixed price agreements in 2022.

Canaan’s sales decreased during the year as other manufacturers outcompeted them.

Parikshit Miishra is the editor.