As Bitcoin is going mainstream, the idea of mining cryptocurrency is also getting more recognition. There are many companies that have been doing heavy Bitcoin mining and earning millions every year. And one such company is Cipher Mining that is going public through a merger with Good Works Acquisition Corp. The merger is valued at around $2 billion and is expected to be beneficial for both companies. It is also expected that the deal will close in the 2nd quarter of 2021, and you would soon be able to trade shares of Cipher Mining.
More about the merger
After the news of the merger came out, the share prices of Good works surged by 15.09 per cent and reached $11.59. It seems that Cipher mining is just following the footsteps of Coinbase that is waiting for the SEC to approve listing in the NASDAQ. It is definitely sure that in the future we are going to see more companies go public. And slowly, the idea that only private ventures trade in Bitcoin will completely vanish. A very big thing that these companies are assuming is the fact that the government wouldn’t ban cryptocurrencies. Because if they do, their stocks will get buried deep under the ground.
Bitcoin firms getting bigger.
As Bitcoin rises in value, firms involved in the same and seeing insanely fast growth. Just the fact that Coinbase is now bigger than Goldman Sachs is good enough to explain this. And only after this happened the bank decided to resume its cryptocurrency trading desk once again. There is still a lot of speculation on whether cryptocurreny fever is going to last or is just hype that’s going to die away. Whatever it is, as of now, the future for crypto trading platforms seems really bright. And it is not just in the US, even in countries like India, where a ban is hanging overhead, the case remains the same.
Just a while back, WazirX, the top crypto trading platform in tweeted about its growing transactions every month. In December, the amount was $500 million; this rose to around $1.4 billion in January and $2.4 billion in February. Well, I am not entirely sure if such growth can be expected from any other industry.
Future of crypto
Just a few days back, Citibank said that Bitcoin could become a choice of international trade very soon. The bank said that Bitcoin is at it’s “tipping point”. It could become the next big thing in history and could just replace all currencies that are in existence, and at the same time, governments could take strict actions against the digital coin and completely ban it. Even many prominent individuals that were not so much in favour of cryptocurreny are now speaking on its side. A very good example of this is Mark Cuban, who said that “Bitcoin is better than gold” while replying to Peter Schiff on Twitter.
What are your thoughts on Cipher Mining going public through a merger? And do you think this will be beneficial for the company? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: India’s Finance Minister says they are keeping an open mind to cryptocurrency