Standard Power announced today that it has entered into a contract with Cipher Mining Technologies, Inc. (“Cipher”), a newly formed US-based Bitcoin mining company, to provide hosting capacity that will accommodate 200 megawatts (MW) of power capacity for Cipher’s planned operations. Cipher will also have an option to secure additional hosting capacity to allow for another 100 MW of power capacity.
Cipher was formed by Bitfury Group with a key mission to become the leading U.S. blockchain mining company. Cipher announced on March 5, 2021 that it had entered into a definitive agreement for a business combination with Good Works Acquisition Corp. (Nasdaq: GWAC) (“Good Works”), a U.S. publicly-traded special purpose acquisition company. As a stand-alone company, Cipher expects to become a U.S. Bitcoin mining champion by developing approximately 745 MW of mining capacity by 2025. Standard Power will be working closely with Bitfury to secure supply of its advanced BlockBox Air Cooled (BBAC) containerized data centers to host Cipher’s miners.
“We selected Ohio because of its low electricity costs with availability of renewable and carbon-free sources of energy and favorable ambient environment without large temperature extremes, humidity or dustiness. We have proactively structured our hosting capabilities to ensure that 100% of the power associated with this 200MW is carbon-free. Ohio has proven itself to be a strong partner for technology companies with its forward-thinking incentive policies and support for development of new technologies,” said Maxim Serezhin, Standard Power’s Chief Executive Officer.
Cipher’s Chief Executive Officer Tyler Page said, “We are very excited by our partnership with Standard Power given their sustainable source of competitively-priced power, the quality of the team, and their ability to help us execute in a timely manner on our planned 745 MW rollout. This agreement further positions us to become the leading Bitcoin miner in the United States.”
About Standard Power
With its partnership with Cipher, Standard Power will be a leading infrastructure service provider for advanced data processing companies and a leading hosting provider for blockchain mining companies. Providing services from early 2019, Standard Power has a pipeline of over 1,000MW of power capacity in development. Standard Power leverages its infrastructure management expertise to develop data centers that lead the industry in efficiency. As part of its Tier III+ data center designs, Standard Power focuses on technologies that support high performance computing and is one of the first to adopt liquid 2-phase immersion cooling technology. Standard Power has developed robust designs and systems to provide large scale blockchain mining infrastructure to its institutional partners.
Cipher will be established as an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Our goal is to be the leading Bitcoin mining company in the United States. We expect that the operations at our four initial planned data centers in Ohio and Texas will enable the Bitcoin network to continue to operate and flourish. Through our business model, Cipher expects to operate powerful computers that mine Bitcoin and validate transactions on the Bitcoin network. We believe Cipher will leverage our best-in-class technology, market-leading power purchase arrangements, and a seasoned, dedicated senior management team to become the market leader in Bitcoin mining. Cipher Mining Technologies Inc. announced on March 5, 2021 that it had entered into a definitive agreement for a business combination with Good Works Acquisition Corp. (Nasdaq: GWAC) (“Good Works”), a U.S. publicly-traded special purpose acquisition company. Upon the closing of that transaction, the combined company will be named Cipher Mining Inc. (“Cipher” or the “Company”) and is expected to be listed on the Nasdaq under the new ticker symbol “CIFR”.
About Good Works
Good Works is a blank check company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. The Good Works name reflects the fact that its management and directors donated half of their founder shares to charitable organizations in light of the impact that COVID-19 has had on the ability of non-profits to generate contributions and revenues. The Company’s management team consists of Messrs. Fred Zeidman, CEO and Co-Chairman, Douglas Wurth, Co-Chairman, and Cary Grossman, President. I-B Good Works, LLC, an affiliate of I-Bankers Securities is the sponsor of Good Works. Good Works is a publicly-traded special purpose acquisition company, or SPAC, with approximately $170 million in trust. Management of Good Works has deep experience in private equity investing, corporate finance and executive level management in a number of industries. In addition, they have experience in Bitcoin mining through involvement in a Power Hosting Company and have extensive experience in SPAC mergers and board governance of public and private companies.