US mining company spends $ 350 million on new miners

Cipher Mining has signed a framework agreement with blockchain development giant Bitfury to buy Bitcoin mining rigs. If all 56,000 units are purchased, the order will be worth $ 350 million.

The US mining company Cipher Mining is expanding its fleet on a large scale. 28,000 to 56,000 next-generation mining rigs have been ordered from Bitfury. With a price of US $ 6,250 per device, the total investment is US $ 350 million. This applies in the event that the cipher accepts all devices. This makes the order one of the largest in mining history. Form 8-K , which received the United States Securities and Exchange Commission (SEC) on Monday, contains all the details. The entire order will be delivered in seven monthly batches from summer 2022 to December 2022.

Always subject to the “Delays / Availability” section, Bitfury will deliver a minimum of 4,000 servers per month and the customer will purchase a minimum of 4,000 servers. If the monthly available amount exceeds 4,000 servers, Bitfury will notify this

it says in the form.

USA becomes a mining hotspot

As part of the SEC filing, Cipher Mining will make an upfront payment of $ 10 million within three business days of the closing of the agreement to kick off the massive order. Cipher Mining is also supported by investors such as Fidelity Management and Research and the Counterpoint Group affiliated with Morgan Stanley. The USA is becoming more and more important for mining companies. Especially now that politics in China is becoming more and more repressive. According to data from the Cambridge Bitcoin Electricity Consumption Index, the United States now accounts for more than a third (35.4 percent) of the global BTC hash rate distribution.

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