Bitcoin (CRYPTO:BTC) is raining from the digital sky, or so it appears given the profusion of cryptocurrency companies dashing to the inventory trade 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 objective 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 shall be referred to as Cipher Mining and be listed on the Nasdaq with the ticker image CIFR.
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Operationally talking, Cipher Mining says it expects “to be positioned as a U.S.-centric Bitcoin mining champion,” that may “present traders the chance to spend money on the Bitcoin trade through a number one mining firm working in a extremely clear and well-regulated setting.” It goals to hit a cumulative deployed capability of 745 megawatts by the top of 2025.
The present type of Cipher Mining is a not too long ago shaped 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 companies. Based on Cipher Mining, Bitfury Group has mined over 600,000 bitcoin thus far. Presumably, that firm would now not be concerned within the exercise as soon as Cipher Mining is on the inventory trade.
Bitcoin’s latest precipitous rise is bringing associated corporations out like mushrooms after rain. Cipher Mining, not less than, ought to benefit from the place of being a considerably offbeat and specialised play on that recognition.
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