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Crypto Mining firm Cipher Looks to Raise £250 Million with a Stock Market Offering

According to a regulatory filing filed in Sept. 2022, Cipher Mining plans to raise as much as $250 million through a stock exchange offering....
cipher mining stock offering
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According to a regulatory filing filed in Sept. 2022, Cipher Mining plans to raise as much as $250 million through a stock exchange offering. H.C. Wainwright & Co. will act as broker for the Cipher stock.

Cipher Mining, New York’s stock exchange offering of its common stock is expected to bring in as much as $250 million. A Sept. 21 regulatory filing indicates.

This move is coming as bitcoin miners struggle in tough revenue environments characterized by high electricity prices, low bitcoin prices and mining equipment decreasing in value.

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Cipher Mining plans to sell stock at the market value

According to the filing, Broker H.C. Wainwright & Co. and Cipher will collaborate to sell shares of their common stock under an “at market” agreement. The shares will be sold at the market price at the time they are purchased. A maximum of 3% commission will be paid to the broker for any sale.

Cipher Mining reported a net loss in the second quarter of $29.2million, citing the challenging crypto market conditions. The company has just completed the addition of mining rigs to its wind-powered facility located in Alborz Texas.

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The difficult market conditions have made it hard for crypto mining companies to raise money via stock and equity deals, buying and lending. Iris Energy, a Bitcoin miner, announced that it secured a \$100-million equity purchase agreement with B. Riley. Compute North, a Bitcoin mining hosting provider, filed this week for Chapter 11 bankruptcy protection.

Bloomberg reports that some bitcoin miners are having difficulty repaying loans of up to $4Billion backed by machines with decreased value.

Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".
Felipe Rodriguez

Felipe Rodriguez

Felipe states he has super powers, some argue that case but he does come up with some very clear predictions. Felipe is based in the US and frequently travels to Brazil where he was born. He is a journalist of the future and has a portfolio of crypto projects he has worked with. Felipe always says "The future doesn't scare me as much as the past, crypto is here to stay but only time will tell where it will take us".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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