Cipher Mining, a newly formed US-based Bitcoin mining operation, went public via a SPAC merger with Good Works Acquisition in a $2bn deal. PIPE investors include Fidelity Management & Research, Counterpoint Global and Bitfury. "With this transaction, we will be able to combine the formidable skill sets and technologies developed by Bitfury Group over the past 10 years with what we believe will be a leadership position on the global cost curve, and thereby create a true leader in the Bitcoin mining industry. We believe that our US domicile provides us additional advantages of low-cost, reliable power and a transparent, stable and secure regulatory and corporate environment. This combination of factors positions us to become the leading Bitcoin miner and also enables future vertical integration opportunities across the Bitcoin ecosystem,” Tyler Page, Cipher Mining’s CEO. On August 25, 2021, Good Works Acquisition and Cipher Mining announce shareholder approval of the merger.