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

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According to a Form 8-Ok submitting with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will buy 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 complete stock order will probably 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 complicated price 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 function acquisition firm (SPAC).

Cipher Mining can be backed by traders like Fidelity Management and Research in addition to the Morgan Stanley-affiliated Counterpoint Group.

Related: Northern Data to acquire 33K ASIC miners via Bitfield acquisition

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

Crypto mining companies within the United States have been buying extra rigs from main producers like Bitmain and MicroBT.

According to information from the Cambridge Bitcoin Electricity Consumption Index, the United States now accounts for over a 3rd of the worldwide BTC hash charge distribution.

Cipher Mining Technologies Inc. has entered into Master Services and Supply Agreement with blockchain growth big Bitfury to buy Bitcoin (BTC) mining rigs.