Saturday, May 28, 2022

Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury

189
SHARES
1.5k
VIEWS

Related articles



In accordance with a Kind 8-Ok submitting with the USA Securities and Trade Fee (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining {hardware} from Bitfury at a price of $6,250 per rig.

At a most value of $6,250 per machine, Cipher’s Bitcoin mining {hardware} outlay might go between $175 million and $350 million, relying on whether or not the corporate elects to obtain all 56,000 rigs as said within the buy settlement.

The overall stock order can be delivered in seven batches on a month-to-month foundation starting in the summertime of 2022 till December 2022.

As a part of the SEC submitting, Cipher Mining pays a complicated charge of $10 million inside three enterprise days of executing the settlement to kickstart the huge order.

As beforehand reported by Cointelegraph, Cipher Mining has designs in direction of achieving a 745 megawatts Bitcoin mining capacity earlier than the tip of 2025.

In March, the corporate entered right into a $2 billion merger with the Nasdaq listed Good Works Acquisition Corp — a particular goal acquisition firm (SPAC).

Cipher Mining can also be backed by traders like Constancy Administration and Analysis in addition to the Morgan Stanley-affiliated Counterpoint Group.

Associated: Northern Data to obtain 33K ASIC miners through Bitfield acquisition

The size of the corporate’s deliberate expenditure for Bitcoin mining rigs is consistent with the speedy enlargement insurance policies being pursued by crypto mining institutions in North America.

Crypto mining corporations in the USA have been buying extra rigs from main producers like Bitmain and MicroBT.

In accordance with knowledge from the Cambridge Bitcoin Electrical energy Consumption Index, the USA now accounts for over a third of the global BTC hash rate distribution.

Cipher Mining Applied sciences Inc. has entered into Grasp Providers and Provide Settlement with blockchain growth large Bitfury to buy Bitcoin (BTC) mining rigs.