Cipher Mining Plans To Raise $250 Million On The Stock Market

According to a regulatory filing dated September 21, Cipher Mining intends to raise up to $250 million in a stock market offering of its common shares.

The decision comes as Bitcoin miners battle to make ends meet in a difficult income environment marked by high power bills, low BTC prices, and mining machines decreasing in value.

According to the filing, broker H.C. Wainwright & Co. would collaborate with Cipher to sell shares of its common stock through an at-the-market deal.

This indicates that the shares will be sold at the moment of the purchase at the market price. The broker will be paid up to 3% of the total revenues from any transactions.

Cipher Mining reported a net loss of $29.2 million in the second quarter, blaming difficult crypto market circumstances. The business has completed the installation of mining rigs at its wind-powered plant in Alborz, Texas.

To deal with the challenging market conditions, cryptocurrency mining businesses have raised funds through stock and equity agreements, sold Bitcoin, and taken out loans.

On Friday, Bitcoin miner Iris Energy announced a $100 million stock purchase agreement with B. Riley. Compute North, a Bitcoin mining hosting business, also filed for Chapter 11 bankruptcy protection this week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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