- Cipher’s Stocks registered an upwards trend of two percent last Friday.
- Cipher preparing a roadmap to sell $250M in Stock
Cipher Mining is preparing a road map to sell up to $250 million in stock during several intervals as an “at-the-market” offering.
The crypto market has been in huge trouble for the last few months because the market is mirroring a severe downfall and crypto winters, and the prices of cryptocurrencies are decreasing with rapid spending among all crypto Bitcoin is the biggest loser and has last its price by 50% in last 12 months.
On 23rd September 2022, Miner Iris Energy declared that it would deal with investment bank B.Riley to sell up to $100 million of equity.
On 23rd September 2022, Filing with the U.S Securities and Exchange Commission made a clear signal that H.C Wainwright was an investment that would play a vital role in the selling process of Cipher stocks.
Per the data from Nasdaq on Friday, 23rd September, prices of Cipher Mining stock attained an upward motion by two percent.
Data from reliable sources state that on 8th August 2022, Cipher Mining reduced its expenditure on bitcoin mining rigs by about $10 per terahash/second after huge losses of around $29million in the second quarter.
Cipher Mining has 1.3 exahashes per second(EH/s) operating at 40Megawatt in texas. In the last one and a half years, Cipher Miner also decreased its power consumption from 405MW to 305MW.
According to data from CoinMarketCap, While writing this article, Bitcoin is trading at $19,093 with a trading volume of $30,044,039,517.
The downtrending crypto market is troubling Bitcoin miners globally, so miners cannot recover their mining costs from Bitcoin because of its current trading prices.
Bitmain crypto mining rig manufacturer and a renowned crypto miner firm globally informed that it is decreasing its mining prices. However, the firm already decreased its prices by over 70% during a bear market and global energy crisis.
Source: https://www.thecoinrepublic.com/2022/09/26/cipher-a-bitcoin-miner-is-planning-to-sell-250m-in-stock/