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 …
Crypto mining firm Bitfury has formed a partnership with a private equity firm allowing it to upgrade its existing $35 million blockchain infrastructure in Norway. According to a Nov. 2 announcement from the Luxembourg-based LIAN Group, the firm has launched crypto mining as a service, or MaaS, by partnering with Bitfury. As part of the arrangement, the LIAN Group will contribute to a full upgrade of Bitfury’s existing blockchain infrastructure, consisting of a large data center in Norway. Bitfury opened crypto mining operations near the town of Mo i Rana in 2018. The 42-megawatt data center is reportedly already powered …
At first glance, the pint-sized Republic of Georgia is an unlikely suspect for Bitcoin (BTC) mining activity. An underdog for mining, the country boasts abundant hydropower while ranked seventh worldwide for the World Bank's ease of doing business index –ahead of the United Kingdom and Germany. Nestled on the Black Sea at the intersection of Europe and Asia, Georgia hosts Bitfury’s industrial mining operations as well as smaller, solo miners that tap into enormous amounts of hydroelectric power. The country packs a punch for Bitcoin mining. While the Cambridge Bitcoin Electricity Consumption index puts Georgia’s hash rate at 0.18%, a …
Who would have thought that a small country in the Caucasus Mountains could become one of the world’s leaders in cryptocurrency mining? Despite its small size and population, Georgia has become a popular spot for cryptocurrency mining thanks to its cheap electricity, the absence of legislative restrictions and attractive tax incentives. This combination of factors has engaged not only Georgian citizens but also foreigners who want to try their hand at cryptocurrency mining. Oasis for miners Georgia’s economy is actively developing, but it has not yet grown up to the level of other developed countries. In 2015, in order to …
Over the last couple of years, the world has been grappling with the lack of semiconductors, which are the substances that conduct electricity between metals and isolates. The most famous semiconductor is silicon. If correlating this concept to electronic devices, then the key semiconductors are processors and other microcircuits that are present in almost all devices that people use every day, from smartphones to cars. In 2021, semiconductors hit a world record in terms of sales. Electronics production also boomed, with hundreds of millions of complex semiconductors being devoured by gaming consoles. The number of GPUs produced grew to unseen …