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According to reports, the Bitcoin mining company Cipher Mining has successfully obtained a credit line of $100 million from B. Riley. The company stated that the funds will be used for the acquisition of more Mining Rigs to expand its mining capacity.
Cipher Mining CEO Tyler Page stated: "We are pleased to secure this unsecured line of credit, which will allow us to continue scaling our business and maintain a strong balance sheet in the current market environment."
Previously, Cipher Mining acquired Mining Rigs worth 132 million dollars from Bitmain in March this year. The company currently has four data centers in Texas and Ohio, with a total computing power of 6.7 EH/s.
Page added that the company plans to increase its total computing power to 7.2 EH/s by the end of 2023. This additional credit line will provide financial support for the company's expansion plans.