Cipher Mining, the bitumen mining division of Bitfury, announced that it will go public via a merger with a special purpose acquisition company (SPAC). The transaction is valued at $2 billion, funded by investors such as Morgan Stanley and Fidelity.

• Cipher Mining Technologies Inc, Bitfury’s new U.S. bitcoin mining unit, announced Friday that it has completed a merger with Good Works Acquisition Corp. (Nasdaq: GWAC). The transaction is expected to close in the second quarter.
• According to Cipher Mining, the deal values the combined company at $2 billion and will receive gross proceeds of $595 million, $425 million of which will come from investors such as Fidelity Management & Research Company and Morgan Stanley’s Counterpoint Global, Reuters reported. The agreement is also supported by 25 other institutions.
• The combined company, called Cipher Mining Inc, is expected to be listed on the Nasdaq under the new symbol CIFR. J.P. Morgan Securities and Wells Fargo Securities are acting as financial advisors to the agreement with Good Works and Cipher Mining, respectively.
• The new company will be established as an industrial-scale bitumen extraction company, Cipher Mining said, adding that its goal is to become the leading bitumen extraction company in the United States. Initially, four data centers are planned in Ohio and Texas.
• According to the statement, the new plant, as a stand-alone entity, will have the potential to reach a cumulative installed capacity of 745 MW by the end of 2025. In addition, data centers in the United States are expected to be open between 4 a.m. and 6 a.m. Quarter 2021 and the 2nd. The facility is scheduled to begin operation in the second quarter of 2022 with a total capacity of 445 MW and a planned expansion of another 300 MW between 2023 and 2025.
• Good Works is a publicly traded special purpose acquisition corporation (SPAC) with approximately $170 million in assets held in trust. SPACs are shell companies that raise money to acquire a private company through a public offering. This allows target companies to bypass a traditional IPO.

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