Cipher Mining, a bitcoin mining subsidiary of mining hardware maker Bitfury is all set to go public with a $2 billion valuation. The company would merge with Special Purpose Acquisition Company (SPAC) Good Works Acquisition Corp for its public listing. SPACs have become quite a rage over the previous year and crypto companies seem to be taking the very same route for their public listing rather of direct listing.
The merger and subsequent listing are expected to commence by the second quarter of 2021 making it the second crypto business after Bakkt to go public by means of the SPAC merger. J.P. Morgan Securities LLC is serving as the special advisor and lead positioning representative to Good Works, and Wells Fargo Securities, LLC is functioning as lead financial consultant to Cipher Mining.
Good Works Co-Chairman Doug Wurth stated,
“We were drawn in to Cipher Mining as our company believe the Bitcoin mining space represents a compelling way to gain risk-adjusted exposure to the growing crypto community,”
Cipher Mining Would Become the Largest Bitcoin Mining Firm in the United States
Cipher Mining with an approximated assessment of $2 billion would become the biggest bitcoin mining business in the US with a potential capacity of 745MW (Megawatts). The CEO of Cipher Tyler Page believes the United States might end up being the Bitcoin mining center as it provides low-cost dependable power and a steady and safe regulatory and corporate environment. Page said,
The mix of different elements positions the US to end up being the leading Bitcoin miner and also allows future vertical integration opportunities throughout the Bitcoin ecosystem,
The recent crackdown on Bitcoin mining farms in China which is currently the legendary center of Bitcoin and cryptocurrency mining might also help the United States Bitcoin mining market to grow more and subsequently decentralize the mining operations focused in China. Lots of other countries including Iran, Kazakstan, and few others with abundant clean energy supply are working towards favorable guidelines for Bitcoin mining to draw more companies.
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