Today, Cipher Mining Technologies announced that it plans to go public via a merger with Good Work Acquisition Corp. Cipher Mining was recently formed as a subsidiary of Dutch Bitcoin mining company Bitfury.

“The combined company, to be named Cipher Mining Inc, is expected to be listed on the Nasdaq under the ticker symbol ‘CIFR,’” Reuters reported.

Following the merger with Good Work that values the combined company $2 billion, the merged company is expected to be the largest bitcoin mining operation in the U.S, according to the announcement. Merging with Good Works, a special purpose acquisition company (SPAC), allows Cipher to sidestep the traditional IPO system in going public.

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