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Cipher Mining to Purchase 28K to 56K Mining Rigs From Bitfury
Each bitcoin mining machine will have a maximum price of $6,250.
Cipher Mining Technologies (NASDAQ: CIFR), a newly formed U.S.-based bitcoin mining operation, has signed an agreement with Bitfury to purchase 28,000 to 56,000 Bitfury mining rigs at an “attractive price.”
- According to an 8-K form filed with the U.S. Securities and Exchange Commission (SEC), delivery of the mining rigs is expected to begin in June and continue through December 2022, with the rigs delivered in seven batches.
- The agreement between the two firms stipulates a maximum purchase price of $6,250 per machine with an advance payment of $10 million.
- Each of the mining rigs will produce 195 TH/s of hashing power consuming 6.3 KWh to 6.5 KWh of electrical power. The mining rigs are capable of producing a hashrate, which is a measure of the total amount of computer processing power securing a proof-of-work cryptocurrency, of approximately 5.4 EH/s to 10.9 EH/s.
- “We were able to secure these mining rigs at an attractive price and demonstrate the unique potential of our relationship with Bitfury,” said Tyler Page, CEO of Cipher Mining Technologies, in a statement.
- Cipher Mining Technologies became a publicly traded firm in August after merging with Good Works Acquisition Corp.
Read more: Bitcoin Miner Bitfury Plans to Go Public With Value in ‘Billions of Pounds:’ Report
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
