Digital Assets: Cipher Mining Commits $350M To Large Purchase Order of Mining Rigs

October 14, 2021 | Digital Assets, News
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The listed bitcoin miner will buy between 4,000 to 8,000 mining rigs monthly from Bitfury.

U.S. bitcoin miner Cipher Mining (NASDAQ: CIFR) announced this week its agreement with Bitfury Top HoldCo B.V. to purchase 4,000 to 8,000 Bitfury next generation mining rigs on a monthly basis between June and December 2022. (Yahoo Finance)

At a cost of $6,250 per rig the order value is in the range of $175 million to $350 million. These mining rigs are expected to be capable of producing hashrate of approximately 5.4 EH/s to 10.9 EH/s.

“Signing this agreement is an important milestone as we build out a significant Bitcoin mining footprint in the United States,” said Tyler Page, CEO of Cipher. “We were able to secure these mining rigs at an attractive price and demonstrate the unique potential of our relationship with Bitfury.”

In an SEC filing, Cipher Mining revealed that it is liable to pay an advance amount of $10 million within three business days of the order.

Cipher Mining expands US mining footprint

“Signing this agreement is an important milestone as we build out a significant Bitcoin mining footprint in the United States,” said Tyler Page, CEO of Cipher. “We were able to secure these mining rigs at an attractive price and demonstrate the unique potential of our relationship with Bitfury.”

“With these key purchase agreements in place, we look forward to meeting our goal of expanding and strengthening Bitcoin’s critical network infrastructure,” he added.

Meanwhile new data from Cambridge University shows that the U.S. has assumed the pole position in global bitcoin mining.

Researchers from the Cambridge Bitcoin Electricity Consumption Index (CBECI) project said on October 13 that the crackdown on bitcoin mining in China had redistributed mining activity and that “the leading share of global bitcoin network hashrate now sits in the US, followed by Kazakhstan and the Russian Federation.”

Related Story: Rural Texas Shaping To Become A Mecca For Bitcoin Mining

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