Cipher Mining to Become Publicly Traded Company via a Merger with Good Works Acquisition Corp. (GWAC)

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Cipher Mining Inc., a Newly Formed US-based Bitcoin Mining Company, to Become a Publicly Traded Company via a Merger with Good Works Acquisition Corp.

March 5, 2021 6:46 AM EST

Transaction builds a U.S. based Bitcoin mining champion Combined company valued at an enterprise value of $2.0 billion Includes $425 million fully committed PIPE investment, secured with anchor investors, including Fidelity Management & Research Company and Counterpoint Global (Morgan Stanley) The PIPE investment includes $50 million investment-in-kind from Cipher Minings parent company, Bitfury, and is structured as a credit for future purchases of operating services and equipment for Cipher Planned mining capacity of 745MW by the end of 2025 and industry leading cost of energy of approximately 2.7c/kWh The transaction is... More