• Latest
  • Trending
Cipher Mining to Spend Up to 0 Million In Massive Capacity Expansion

Cipher Mining to Spend Up to 0 Million In Massive Capacity Expansion

October 14, 2021
More 186 US banks well-positioned for collapse, SVB analysis reveals

More 186 US banks well-positioned for collapse, SVB analysis reveals

March 18, 2023
Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

March 17, 2023
Radiant (RDNT), GMX and Other Arbitrum Tokens Are Rallying, What’s Next?

Radiant (RDNT), GMX and Other Arbitrum Tokens Are Rallying, What’s Next?

March 17, 2023
Could Legendary Hip Hop Platform DatPiff Serve as a Springboard for ‘Music NFTs’?

Could Legendary Hip Hop Platform DatPiff Serve as a Springboard for ‘Music NFTs’?

March 17, 2023
BitKeep and Bitget Join Forces to host the Sui Futures Airdrop; Get Ready for the Sui Mainnet!

BitKeep and Bitget Join Forces to host the Sui Futures Airdrop; Get Ready for the Sui Mainnet!

March 17, 2023
Microsoft reportedly testing Edge browser web3 wallet integration

Microsoft reportedly testing Edge browser web3 wallet integration

March 17, 2023
Ethereum Classic and Litecoin Price Predictions Falling As Investors Look to Metacade’s Presale to Maximize Investments

Ethereum Classic and Litecoin Price Predictions Falling As Investors Look to Metacade’s Presale to Maximize Investments

March 17, 2023
Microsoft’s Edge Browser to Add Support for Native Crypto Wallet

Microsoft’s Edge Browser to Add Support for Native Crypto Wallet

March 17, 2023
Baron Davis Launches SLiC, a Web3 Platform for Athlete Creators and Fans

Baron Davis Launches SLiC, a Web3 Platform for Athlete Creators and Fans

March 17, 2023
  • Privacy Policy
Saturday, March 18, 2023
Mount Rushmore Crypto
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction
No Result
View All Result
Mount Rushmore Crypto
No Result
View All Result
Home Crypto Technical Analysis

Cipher Mining to Spend Up to 0 Million In Massive Capacity Expansion

J_News by J_News
October 14, 2021
in Crypto Technical Analysis, Top News
0
Cipher Mining to Spend Up to 0 Million In Massive Capacity Expansion
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter


Bitcoin Mining

Cipher Mining to Spend Up to $350 Million In Massive Capacity Expansion

Cipher Mining has joined the list of companies looking to redistribute the global hashrate – especially in the United States. This week, the U.S.-based mining firm announced a massive, nine-figure deal to expand its capacity.

In a Form 8-K filing with the United States Securities and Exchange Commission (SEC) earlier this week, Cipher Mining confirmed that it would spend between $175 million and $350 million on mining equipment.

Ready to Scale Significantly

The filing also revealed that Cipher Mining had struck a Master Services and Supply Agreement with top blockchain infrastructure and hardware provider Bitfury. The deal will see Cipher Mining purchase 28,000 to 56,000 next-generation Bitcoin mining hardware for $6,250 per rig.

It is worth noting that Cipher Mining is the American subsidiary of Bitfury. Both firms have now worked out a total purchase order, which will see Bitfury deliver the rigs monthly. All in all, the deal’s completion date is set for December 2022. It will be a major milestone for both firms as they look to scale up mining efforts in the wake of a market shift.

Cipher Mining has also agreed to pay an upfront $10 million within three days of the agreement’s implementation. The fee will kickstart the order, with Cipher eventually paying the remainder of the cash in tranches.

The company has enjoyed a rather fruitful year. In March, Cipher Mining inked a $2 billion merger with Good Works Acquisition Corp — a special purpose acquisition company (SPAC) listed on the NASDAQ. The deal also included a $425 million funding round, led by Counterpoint Group and Fidelity Management and Research.

China’s Loss is Mining’s Gain

The global mining landscape was rocked earlier this year when the Chinese government announced a ban on the activity. Since then, there has been a massive redistribution of the hashrate as companies are looking to take advantage of the miner flight from China.

The Chinese crackdown has also been a boon to the global mining industry. More companies have made moves to expand their activities, which means greater capital infusion into the space.

Bitfury Itself is no stranger to this. Just two days ago, The Telegraph reported that the company is finalizing the details of its public offering. The report confirmed that Dutch-based Bitfury had contacted Big Four accounting firm Deloitte to be one of its underwriters.

Its latest funding round came in 2018 when it raised $80 million from top investors like Galaxy Digital at a $1 billion valuation. Now that it is looking to go public, it will be gunning for an even bigger number. As The Telegraph reported, Bitfury is looking to debut in Amsterdam or on the London Stock Exchange.

Asides from Bitfury, several other mining firms are looking towards public debuts. American mining firm Stronghold Digital Mining has announced plans to list 6 million shares on the NASDAQ as it prepares for a $100 million initial public offering (IPO).

The Pennsylvania-based firm filed for a NASDAQ IPO in July, hoping that the funds raised will help fuel a 900% capacity expansion in the next year. It has now filed a final prospectus with the SEC, although approval is pending.

Jimmy Aki

Jimmy has been following the development of blockchain for several years, and he is optimistic about its potential to democratize the financial system. When not immersed in the daily events in the crypto scene, he can be found watching legal reruns or trying to beat his Scrabble high score.





Source link

Related articles

More 186 US banks well-positioned for collapse, SVB analysis reveals

More 186 US banks well-positioned for collapse, SVB analysis reveals

March 18, 2023
Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

March 17, 2023
ShareTweetShareShare
Previous Post

Where to buy Chainlink as LINK rises by 8%

Next Post

Second Biggest Mortgage Provider in US Stops Accepting Crypto Payments

Related Posts

More 186 US banks well-positioned for collapse, SVB analysis reveals

More 186 US banks well-positioned for collapse, SVB analysis reveals

by J_News
March 18, 2023
0

The perfect mix of losses, uninsured leverage and a greater loan portfolio, among other factors, resulted in the fall of...

Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

Kazakhstan Shuts Down Crypto Exchange | by Crypto Beat | The Capital Platform | Mar, 2023

by J_News
March 17, 2023
0

The ABS Change exchange was operating without a license and was carrying out a variety of illegal activities.Photo by Tim...

Radiant (RDNT), GMX and Other Arbitrum Tokens Are Rallying, What’s Next?

Radiant (RDNT), GMX and Other Arbitrum Tokens Are Rallying, What’s Next?

by J_News
March 17, 2023
0

Arman Shirinyan Arbitrum ecosystem blossoming following ARB airdrop announcement Contents Ethereum moves back above $1,700USD backs downThe Arbitrum ecosystem is...

Could Legendary Hip Hop Platform DatPiff Serve as a Springboard for ‘Music NFTs’?

Could Legendary Hip Hop Platform DatPiff Serve as a Springboard for ‘Music NFTs’?

by J_News
March 17, 2023
0

Since its inception in 2005, DatPiff has been a cornerstone of mixtape culture, hosting exclusive releases from the likes of...

BitKeep and Bitget Join Forces to host the Sui Futures Airdrop; Get Ready for the Sui Mainnet!

BitKeep and Bitget Join Forces to host the Sui Futures Airdrop; Get Ready for the Sui Mainnet!

by J_News
March 17, 2023
0

Sui and Aptos are both highly anticipated layer 1 blockchains that utilize the Move programming language, which originated from Facebook’s...

Load More

Enter your email address:

Delivered by FeedBurner

Quick Navigate

  • Home
  • Crypto
  • Crypto Technical Analysis
  • Top News
  • Thank You
  • Store
  • Crypto Vouchers
  • About Us
  • What Cryptocurrency Is and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

Top News

The 7 Best New ICOs To Buy in 2023

Crypto Narratives to look out for in 2023 | by Blockchain Jew | The Capital Platform | Feb, 2023

New York Attorney General sues CoinEx over failure to register

© 2021 mtrushmorecrypto - Crypto Related News Blog

No Result
View All Result
  • Home
  • Top News
  • Crypto
  • Crypto Technical Analysis
  • About Us
  • Crypto Vouchers
  • Cryptocurrency and ANKR Price Prediction
  • Cosmos cryptocurrency price prediction

© 2021 mtrushmorecrypto - Crypto Related News Blog

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT