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

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

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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