Cipher Mining, WindHQ joint venture gets $46.9M financing from BlockFi Lending

Alborz, a joint venture affiliate of bitcoin (BTC-USD) miner Cipher Mining (NASDAQ:CIFR) (NASDAQ:CIFRW) and WindHQ on Friday has recieved a two-year $46.9M in secured credit facility from cryptocurrency financial services firm BlockFi Lending. The proceeds of the loan will be used to purchase Bitmain S19J Pro mining rigs at Alborz's 40 megawatt data center in Texas. Once the rigs are fully installed, the site is set to generate approximately 1.3 exahash per second of mining power. “This credit facility provides an attractive source of non-dilutive financing at the Alborz data center," said Cipher CEO Tyler Page. The move comes after Cipher (CIFR) in Oct. 2021 agreed to buy up to 56K Bitfury mining machines. In the beginning of March 2021, Cipher Mining went public through a SPAC deal.