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

In response to a Kind 8-Okay submitting with the USA Securities and Change Fee (SEC) on Monday, Cipher Mining will purchase 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 might 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 overall 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 pays 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 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 objective acquisition firm (SPAC).

Cipher Mining can also be backed by buyers 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 in step with the fast enlargement insurance policies being pursued by crypto mining institutions in North America.

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

In response to information 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 improvement big Bitfury to buy Bitcoin (BTC) mining rigs.