Bitcoin News – Bitcoin Miner Cipher Mining Goes Public As Part Of SPAC Merger
Bitcoin (CRYPTO:BTC) It’s raining from the digital sky, at least it seems given the profusion of cryptocurrency companies that have been rushing to the stock market lately. The most recent example is Cipher Mining, a private company that announced on Friday that it had agreed to go public through a merger with a Special Purpose Acquisition Company (SPAC), Good Works Acquisition Corp (NASDAQ: GWAC).
“Mining” is essentially the digital production of a cryptocurrency – Cipher Mining specializes in Bitcoin. According to the company, its merger with Good Works Acquisition will create a company with an enterprise value of $ 2 billion. The combined entity will be known as Cipher Mining and will be listed on Nasdaq with the symbol Fintech Zoom CIFR.
Operationally, Cipher Mining expects to “position itself as a US-centric company. Bitcoin mining champion ”, which“ will offer investors the opportunity to invest in the Bitcoin industry through a leading mining company operating in a highly transparent and well-regulated environment. It aims to achieve a cumulative deployed capacity of 745 megawatts by the end of 2025.
The current form of Cipher Mining is a recently formed subsidiary of a more mainstream cryptocurrency / blockchain company, Bitfury Group, which was founded in 2011 and focuses on mining hardware, in addition to other related software and services. to cryptocurrency. According to Cipher Mining, Bitfury Group has mined over 600,000 bitcoins to date. Presumably, this company would no longer be involved in the business once Cipher Mining goes public.
BitcoinThe recent meteoric rise in s is causing related businesses to come out like mushrooms after the rain. Cipher Mining, at least, should take advantage of the position of being a somewhat quirky game that specializes in this popularity.
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