Share this article
Bitfury Unit to Merge With SPAC to Create Bitcoin Mining Company With $2B Enterprise Value
The mining SPAC has an expected value of $2 billion.
Updated Sep 14, 2021, 12:21 p.m. Published Mar 5, 2021, 12:01 p.m.
Cipher Mining Technologies, a newly formed U.S.-based bitcoin mining operation formed from bitcoin mining hardware giant Bitfury and Good Works Acquisition (Nasdaq: GWAC), a special purpose acquisition company, said they've agreed to merge.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- The combined company has an enterprise value of $2 billion, according to the release.
- The fully committed PIPE investment is secured with anchor investors, including Fidelity Management & Research Company and Counterpoint Global (Morgan Stanley).
- Cipher is expected to receive $595 million in gross cash proceeds from a combination of cash from a $425 million fully committed stock PIPE, including a $50 million investment in-kind from Bitfury, and $170 million in cash held in Good Works’ trust account from its initial public offering in October 2020.
- Both companies said the newly formed operation is expected to have a mining capacity of 745MW by the end of 2025 and energy costs of approximately 2.7c/kWh.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Lebih untuk Anda
Asia Morning Briefing: Bitcoin Drifts Near $89K as Traders Step Back and Balance Sheets Step In
FlowDesk sees fading post-Fed demand and low leverage, while Glassnode data show digital asset treasuries quietly resuming bitcoin accumulation in a range-bound market.
Yang perlu diketahui:
- Bitcoin traded near $89,000 as liquidity thinned and demand faded following a recent Fed rate cut.
- Market caution persists with BTC and ETH retracing gains, while altcoins remain under pressure.
- Gold maintains near-record highs due to rate cuts and central bank demand, while Asian markets opened lower amid cautious investor sentiment.
Top Stories
