Benzinga | Oct 12, 2021 10:46AM EDT

Cipher To Purchase Mining Rigs From Bitfury

* Bitcoin mining company Cipher Mining Inc (NASDAQ:CIFR) agreed to make monthly purchases from Bitfury Top HoldCo B.V. between June and December 2022.

* Cipher Mining will purchase 4,000 - 8,000 Bitfury next-generation mining rigs that will each produce 195 TH/s of hashing power and consume 6.3KWh - 6.5KWh of electrical power.

* The mining rigs will likely produce a hash rate of 5.4 EH/s - 10.9 EH/s.

* The agreement provides a maximum purchase price of $6,250 per machine (or $32.05/TH).

* The agreement brings the aggregate hash rate of mining rigs under contract to ~13.8 EH/s - 19.2 EH/s.

* Cipher has a right of first refusal to purchase specific equipment from Bitfury under a seven-year Master Supply and Services Agreement between Bitfury and Cipher dated August 26.

* "With these key purchase agreements in place, we look forward to meeting our goal of expanding and strengthening Bitcoin's critical network infrastructure," Cipher CEO Tyler Page said.

* Price Action: CIFR shares traded lower by 1.22% at $6.06 on the last check Tuesday.