Home Bitcoin News Bitcoin Miner Cipher Mining Going Public in SPAC Merger

Bitcoin Miner Cipher Mining Going Public in SPAC Merger

4 min read

Bitcoin (CRYPTO:BTC) is raining from the digital sky, or so it appears given the profusion of cryptocurrency companies dashing to the inventory alternate recently. The newest instance is Cipher Mining, a privately held firm that introduced Friday it has agreed to go public through a merger with a particular goal acquisition firm (SPAC), Good Works Acquisition Corp (NASDAQ:GWAC).

Mining” is basically the digital manufacturing of a cryptocurrency — Cipher Mining makes a speciality of Bitcoin. Based on the corporate, its merger with Good Works Acquisition will create a enterprise with an enterprise worth of $2 billion. The mixed entity will likely be referred to as Cipher Mining and be listed on the Nasdaq with the ticker image CIFR.

Bitcoins in front of financial graph display on a monitor.

Picture supply: Getty Photos.

Operationally talking, Cipher Mining says it expects “to be positioned as a U.S.-centric Bitcoin mining champion,” that can “present traders the chance to spend money on the Bitcoin business through a number one mining firm working in a extremely clear and well-regulated atmosphere.” It goals to hit a cumulative deployed capability of 745 megawatts by the top of 2025.

The present type of Cipher Mining is a just lately fashioned subsidiary of a extra generalized cryptocurrency/blockchain firm, Bitfury Group, which was based in 2011 and concentrates on mining {hardware}, along with different cryptocurrency-related software program and providers. Based on Cipher Mining, Bitfury Group has mined over 600,000 bitcoin up to now. Presumably, that firm would not be concerned within the exercise as soon as Cipher Mining is on the inventory alternate.

Bitcoin’s latest precipitous rise is bringing associated firms out like mushrooms after rain. Cipher Mining, a minimum of, ought to benefit from the place of being a considerably offbeat and specialised play on that reputation.

This text represents the opinion of the author, who might disagree with the “official” suggestion place of a Motley Idiot premium advisory service. We’re motley! Questioning an investing thesis — even considered one of our personal — helps us all suppose critically about investing and make choices that assist us change into smarter, happier, and richer.

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