{"id":352348,"date":"2021-10-13T20:40:00","date_gmt":"2021-10-13T17:40:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/cipher-mining-splashes-350m-on-next-gen-bitcoin-mining-rigs-from-bitfury\/"},"modified":"2021-10-13T20:40:00","modified_gmt":"2021-10-13T17:40:00","slug":"cipher-mining-splashes-350m-on-next-gen-bitcoin-mining-rigs-from-bitfury","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/cipher-mining-splashes-350m-on-next-gen-bitcoin-mining-rigs-from-bitfury\/","title":{"rendered":"# Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury"},"content":{"rendered":"

“# Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury <\/strong>”
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According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase<\/a> 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig.<\/p>\n

At a maximum cost of $6,250 per machine, Cipher\u2019s Bitcoin mining hardware outlay could go between $175 million and $350 million, depending on whether the company elects to receive all 56,000 rigs as stated in the purchase agreement.<\/p>\n

The total inventory order will be delivered in seven batches on a monthly basis beginning in the summer of 2022 until December 2022.<\/p>\n

As part of the SEC filing, Cipher Mining will pay an advanced fee of $10 million within three business days of executing the agreement to kickstart the massive order.<\/p>\n

As previously reported by Cointelegraph, Cipher Mining has designs towards achieving a 745 megawatts Bitcoin mining capacity before the end of 2025.<\/p>\n

In March, the company entered into a $2 billion merger with the Nasdaq listed Good Works Acquisition Corp \u2014 a special purpose acquisition company (SPAC).<\/p>\n

Cipher Mining is also backed by investors like Fidelity Management and Research as well as the Morgan Stanley-affiliated Counterpoint Group.<\/p>\n

Related: <\/em><\/strong>Northern Data to obtain 33K ASIC miners through Bitfield acquisition<\/em><\/strong><\/p>\n

The scale of the company\u2019s planned expenditure for Bitcoin mining rigs is in keeping with the rapid expansion policies being pursued by crypto mining establishments in North America.<\/p>\n

Crypto mining firms in the United States have been acquiring more rigs from major manufacturers like Bitmain and MicroBT.<\/p>\n

According to data from the Cambridge Bitcoin Electricity Consumption Index, the United States now accounts for over a third of the global BTC hash rate distribution.<\/p>\n

Cipher Mining Technologies Inc. has entered into Master Services and Supply Agreement with blockchain development giant Bitfury to purchase Bitcoin (BTC) mining rigs.<\/p>\n