With the price of Bitcoin approaching a new high this year, it has motivated 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 risen significantly. This has led to market curiosity about whether these mining companies have recently purchased new mining machines.
Known Mining Machine Purchasing Activities
Cipher Mining purchased 37,396 units of the latest generation Antminer T21 mining machine.
Iris Energy purchased 8,380 units of the new generation Bitmain T21 mining machine.
Phoenix Group signed a mining machine purchasing contract worth $380 million with Whatsminer.
Riot spent $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 machine.
Yesterday evening, the price of Bitcoin briefly exceeded $44,000, almost reaching a new high for the year. The recent surge in BRC-20 and other tokens has stimulated competition in Bitcoin transaction fees and caused a surge in earnings for Bitcoin mining companies, resulting in an upward trend in stock prices for the entire industry chain, including mining machine manufacturers and Bitcoin mining companies.
The most profitable are Bitcoin mining machine manufacturers, Ninth City and Yibang, whose stock prices rose by as much as 22.9% and 52.75% respectively yesterday. SOS and Canaan Technology also saw increases of 17.18% and 15.25% in their stock prices. As for Bitcoin mining companies, Cipher Mining and HIVE Digital Technologies saw increases of 6.69% and 8.62% respectively. This has raised market curiosity about whether these mining companies have anticipated the recent price increase and signed contracts with mining machine manufacturers to purchase new mining machines.
In anticipation of the rising Bitcoin price, mining companies are conducting large-scale technological upgrades and expansions to maintain their leading position in the competitive cryptocurrency mining industry.
On December 18th, Cipher Mining signed an agreement with Bitmain to purchase 37,396 units of the latest generation Antminer T21 mining machine, with a total investment of $99.5 million. These mining machines are expected to be delivered in the first half of 2025.
On December 15th, Iris Energy announced a $22.3 million investment (in installments) to purchase 8,380 units of the new generation Bitmain T21 mining machine. These 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 mining power is approximately 478.15 EH/s).
On December 7th, Phoenix Group signed a mining machine purchasing contract worth $380 million with Whatsminer, which is the largest order for Whatsminer in the past two years. The contract requires Whatsminer to immediately deliver mining machines worth $136 million, as well as additional options worth $246 million.
On December 4th, cryptocurrency mining company Riot spent $290.5 million through its manufacturing subsidiary to order a new generation of MicroBT Bitcoin mining machines. The order includes the recently released M66S mining machine from MicroBT, which has 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 to be 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 machine on November 14th and December 4th, with an investment value of approximately $14 million. The total hash power reached approximately 3.35 Exahash, significantly improving their mining capabilities. These new 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 power at the end of December is expected to reach 4.8 EH/s. HIVE expects these latest generation mining machines to generate positive cash flow after the Bitcoin halving.
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 high risks, and these high-risk enterprises are increasing leverage, purchasing new mining machines, and expecting stable cash flow from Bitcoin, indicating their optimistic expectations for the Bitcoin market in the next few years. These mining companies have purchased so much and are just about to start mining, but mining machine manufacturers have already profited massively, making them the biggest winners.