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

Cipher Mining Technologies (NASDAQ: CIFR), a new US-based bitcoin mining company, 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 rigs delivered in seven batches.
  • The agreement between the two firms provides for a maximum purchase price of $ 6,250 per machine with a down payment of $ 10 million.
  • Each of the mining rigs will produce 195 TH / s of chopping power consuming 6.3 KWh to 6.5 KWh of electrical energy. Mining rigs are capable of producing a hashrate, which is a measure of the total amount of computer processing power providing a proof of work cryptocurrency, from around 5.4 EH / s to 10.9 EH / s.
  • “We have been able to secure these mining rigs at an attractive price and demonstrate the unique potential of our relationship with Bitfury,” Tyler Page, CEO of Cipher Mining Technologies, said in a statement.
  • Cipher Mining Technologies has become a listed company in August after its merger with Good Works Acquisition Corp.

Read more: Bitcoin Miner Bitfury Plans To Go Public With ‘Billion Pound’ Value: Report

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