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

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

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

The whole 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 can pay a sophisticated 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 the direction of attaining a 745 megawatts Bitcoin mining capability 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 be backed by traders like Constancy Administration and Analysis in addition to the Morgan Stanley-affiliated Counterpoint Group.

Associated: Northern Information to acquire 33K ASIC miners via Bitfield acquisition

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

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

In line with knowledge from the Cambridge Bitcoin Electrical energy Consumption Index, the US now accounts for over a third of the worldwide BTC hash price distribution.

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