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

According to a Form 8-K filing 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 an expense of $6,250 per rig.

At an optimum expense of $6,250 per device, Cipher’s Bitcoin mining hardware investment might go in between $175 million and $350 million, depending on whether the business chooses to get all 56,000 rigs as mentioned in the purchase arrangement.

The overall stock order will be provided in 7 batches on a regular monthly basis start in the summertime of 2022 up until December 2022.

As part of the SEC filing, Cipher Mining will pay a sophisticated cost of $10 million within 3 company days of carrying out the arrangement to start the huge order.

As formerly reported by Cointelegraph, Cipher Mining has styles towards accomplishing a 745 megawatts Bitcoin mining capability prior to completion of 2025.

In March, the business participated in a $2 billion merger with the Nasdaq noted Good Works Acquisition Corp — an unique function acquisition business (SPAC).

Cipher Mining is likewise backed by financiers like Fidelity Management and Research along with the Morgan Stanley-associated Counterpoint Group.

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

The scale of the business’s prepared expense for Bitcoin mining rigs remains in keeping with the quick growth policies being pursued by crypto mining facilities in North America.

Crypto mining companies in the United States have actually been getting more rigs from significant makers like Bitmain and MicroBT.

According to information from the Cambridge Bitcoin Electricity Consumption Index, the United States now represents over a 3rd of the worldwide BTC hash rate circulation.

Cipher Mining Technologies Inc. has actually participated in Master Services and Supply Agreement with blockchain advancement giant Bitfury to buy Bitcoin (BTC) mining rigs.