According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on Monday, Cipher Mining will Buy From 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury, each rig costs US$6,250.
The maximum cost of each machine is US$6,250, and Cipher’s bitcoin mining hardware expenditure may be between US$175 million and US$350 million, depending on whether the company chooses to receive all 56,000 rigs specified in the purchase agreement.
From the summer of 2022 to December 2022, total inventory orders will be delivered in seven monthly batches.
As part of the SEC filing, Cipher Mining will pay a prepayment of US$10 million within three working days after the implementation of the agreement to initiate large-scale orders.
As previously reported by Cointelegraph, Cipher Mining is designed to Achieve 745 MW of Bitcoin mining capacity Before the end of 2025.
In March, the company and NASDAQ-listed Good Works Acquisition Corp, a special purpose acquisition company (SPAC), reached a $2 billion merger.
Cipher Mining is also supported by investors such as Fidelity Management and Research and Counterpoint Group, a subsidiary of Morgan Stanley.
The company’s planned spending on Bitcoin mining equipment is consistent with the rapid expansion policy pursued by North American crypto mining institutions.
U.S. crypto mining companies have been buying more rigs from major manufacturers such as Bitmain and MicroBT.
According to data from the Cambridge Bitcoin Power Consumption Index, the United States now accounts for more than one 1/3 of the global BTC computing power distribution.
Cipher Mining Technologies Inc. has signed a master service and supply agreement with blockchain development giant Bitfury to purchase Bitcoin (Bitcoin) Mining equipment.