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The new entity “will be established as an industrial-scale bitcoin mining company,” Cipher Mining explained, adding that its “goal is to be the leading bitcoin mining company in the United States.” Initially, four data centers are planned in Ohio and Texas. Cipher was spun off from bitcoin mining hardware giant Bitfury in March 2021 and went public via a special purpose acquisition company (SPAC) deal.Morgan Securities and Wells Fargo Securities are serving as financial advisors on the deal to Good Works and Cipher Mining, respectively. The merged company, to be named Cipher Mining Inc., is expected to be listed on Nasdaq under the new ticker symbol CIFR.The deal is also backed by 25 other institutions. According to Cipher Mining, the deal values the combined company at $2 billion and “will provide the merged entity with gross cash proceeds of $595 million, which includes $425 million from investors including Fidelity Management & Research Company and Morgan Stanley’s Counterpoint Global,” Reuters reported.The transaction is expected to close in the second quarter. CIFR is currently trading in the 20-30 percentile range relative to its historical Stock Score levels. The Company is principally focused on expanding and strengthening the. The Company operates in the Bitcoin mining ecosystem in the United States. The Score for CIFR is 24, which is 52 below its historic median score of 50, and infers higher risk than normal. Cipher Mining Inc., formerly Good Works Acquisition Corp, is a Bitcoin mining company. The two firms entered into an agreement where the former was able to get the mining rigs at lucrative prices. Is Cipher Mining Stock Undervalued The current Cipher Mining share price is 1.64. In a lucrative deal, Cipher Mining has announced that it will buy 28,000 to 56,000 mining rigs from a mining service provider, Bitfury. Cipher Mining Technologies Inc., a newly formed U.S.-based bitcoin mining operation of Bitfury, announced Friday it will go public through a merger with Good Works Acquisition Corp. In the agreement, Cipher mining will buy 28k-56k rigs with an advance payment of 10 million USD.The deal values the combined company at $2 billion, with funding from investors such as Morgan Stanley and Fidelity. Cipher Mining, a bitcoin mining operation of Bitfury, has announced that it is going public via a merger with a special purpose acquisition company (SPAC). Cipher Mining Inc ia an emerging technology company that operates in the Bitcoin mining ecosystem in the United States.