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

According to a Form 8-K submitting with the USA Securities and Exchange Commission (SEC) on Monday, Cipher Mining will buy 28,000 to 56,000 next-era Bitcoin mining hardware from Bitfury at a value of $6,250 consistent with rig.

At a most value of $6,250 consistent with machine, Cipher’s Bitcoin mining hardware outlay should move between $a hundred seventy five million and $350 million, relying on whether or not the agency elects to get hold of all 56,000 rigs as said in the acquisition settlement.

The overall stock order can be introduced in seven batches on a month-to-month foundation starting withinside the summer time season of 2022 till December 2022.

As a part of the SEC submitting, Cipher Mining can pay a sophisticated charge of $10 million inside 3 commercial enterprise days of executing the settlement to kickstart the huge order.

As formerly said through Cointelegraph, Cipher Mining has designs closer to accomplishing a 745 megawatts Bitcoin mining capability earlier than the quit of 2025.

In March, the agency entered into a $2 billion merger with the Nasdaq indexed Good Works Acquisition Corp — a unique reason acquisition agency (SPAC).

Cipher Mining is likewise subsidized through 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 agency’s deliberate expenditure for Bitcoin mining rigs is consistent with the fast enlargement guidelines being pursued through crypto mining institutions in North America.

Crypto mining corporations withinside the United States had been obtaining greater rigs from main producers like Bitmain and MicroBT.

According to statistics from the Cambridge Bitcoin Electricity Consumption Index, the USA now bills for over a 3rd of the worldwide BTC hash price distribution.

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