Cipher Mining to Buy 28K to 56K Mining Rigs From Bitfury

 Cipher Mining to Buy 28K to 56K Mining Rigs From Bitfury

Cipher Mining Applied sciences (NASDAQ: CIFR), a newly shaped U.S.-based bitcoin mining operation, has signed an settlement with Bitfury to buy 28,000 to 56,000 Bitfury mining rigs at an “engaging worth.”

  • In accordance with an 8-Okay form filed with the U.S. Securities and Trade Fee (SEC), supply of the mining rigs is predicted to start in June and proceed by means of December 2022, with the rigs delivered in seven batches.
  • The settlement between the 2 corporations stipulates a most buy worth of $6,250 per machine with an advance fee of $10 million.
  • Every of the mining rigs will produce 195 TH/s of hashing energy consuming 6.3 KWh to six.5 KWh {of electrical} energy. The mining rigs are able to producing a hashrate, which is a measure of the whole quantity of laptop processing energy securing a proof-of-work cryptocurrency, of roughly 5.4 EH/s to 10.9 EH/s.
  • “We had been capable of safe these mining rigs at a beautiful worth and reveal the distinctive potential of our relationship with Bitfury,” mentioned Tyler Web page, CEO of Cipher Mining Applied sciences, in an announcement.
  • Cipher Mining Applied sciences grew to become a publicly traded firm in August after merging with Good Works Acquisition Corp.

Learn extra: Bitcoin Miner Bitfury Plans to Go Public With Worth in ‘Billions of Kilos:’ Report

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