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Cipher Mining splashes $350M on next-gen Bitcoin mining rigs from Bitfury
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According to a Form 8-K filing with the United States Securities and Exchange Commission (SEC) on Monday, Cipher Mining will purchase 28,000 to 56,000 next-generation Bitcoin mining hardware from Bitfury at a cost of $6,250 per rig.
At a maximum cost of $6,250 per machine, Cipher’s Bitcoin mining hardware outlay could go between $175 million and $350 million, depending on whether the company elects to receive all 56,000 rigs as stated in the purchase agreement.
The total inventory order will be delivered in seven batches on a monthly basis beginning in the summer of 2022 until December 2022.
As part of the SEC filing, Cipher Mining will pay an advanced fee of $10 million within three business days of executing the agreement to kickstart the
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