Business
Alborz LLC, a Joint Venture Affiliate of Cipher Mining Inc., Enters Into $46.9 Million Financing with BlockFi Lending LLC
NEW YORK, May 06, 2022 (GLOBE NEWSWIRE) -- Alborz LLC, a joint venture affiliate of Cipher Mining Inc. (NASDAQ: CIFR) ("Cipher" or the "Company") and WindHQ
About this update from Cipher Digital Inc.
[{"type":"text","content":"NEW YORK, May 06, 2022 (GLOBE NEWSWIRE) -- Alborz LLC, a joint venture affiliate of Cipher Mining Inc. (NASDAQ: CIFR) (\"Cipher\" or the \"Company\") and WindHQ LLC (“WindHQ”), today announced that it has entered into a two-year $46.9 million secured credit facility with BlockFi Lending LLC, a leading crypto financial services company. The loan proceeds will finance Bitmain S19J Pro mining rigs at the Alborz data center. Cipher Mining Technologies Inc., a subsidiary of Cipher, and Alborz Interests DC LLC, a subsidiary of WindHQ, developed the Alborz site as a joint venture 40-MW data center in Texas that is powered by the 163-MW Astra Wind Farm, an affiliate of WindHQ. Once all purchased mining rigs have been delivered and installed, the site is expected to generate approximately 1.3 EH/s. “This credit facility provides an attractive source of non-dilutive financing at the Alborz data center. We are thrilled to partner with BlockFi and continue to execute our business plan, build data centers with top-of-the-line rigs, and become a leading Bitcoin mining company in the U.S.,” commented Tyler Page, CEO of Cipher. “We are pleased to partner with Cipher on this lending facility for the Alborz data center. Our goal is to support our clients' working capital needs and provide them with financial capacity for future growth,” said Joseph Chu, Senior Director at BlockFi. About CipherCipher is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Cipher aims to leverage its best-in-class technology, market-leading power purchase arrangements, and a seasoned, dedicated senior management team to become a market leader in Bitcoin mining. To learn more about Cipher, please visit https://www.ciphermining.com/. About WindHQWindHQ‘s vision is to monetize energy via value added opportunities. Placing energy load directly on energy generation assets or advantageous physical locations, provides a significant amount of efficiency gains and economic benefits. Participating in highly intensive energy industries, which energy costs account for over half of the Operation and Maintenance, and by WindHQ providing low-cost energy, such businesses have a competitive edge over others in the same industry. About BlockFiBlockFi is a new breed of financial services company. Founded in...