Bitcoin Miner Cipher Plans to Connect to a Renewable Energy Source

Many businesses do not want to be dependent on energy which has unstable costs, especially in mining crypto. In reporting Q4 2021 business updates, the CEO of Cipher (CIFR), a Bitcoin mining startup, has said that they will hardly focus on attractive power prices on mining bitcoin efficiently.

• After setting its first data center Cipher began Bitcoin mining in February 2022

• Cipher has made a long term contract with electricity power provider Luminant (Vistra) for an estimated 200 MW future site with a facility to connect to a renewable energy source

• Roughly 80 MW future sites are to be created by the joint venture with the private investor team

• For now, Cipher calculates the average price of 2.73c/kWh and medium-cost of mining rigs of $42.81 per terahash

While Bitcoin crashes considering a power source from solar panels or wind turbines might lead to saving huge costs. However, this plan has huge costs as well to initiate. Finding a long-term focused group of investors could boost the process of installing renewable energy-providing equipment.