According to online reports, Bitcoin mining company Cipher Mining (NASDAQ: CIFR) plans to privately issue convertible senior notes with a total principal amount of US$800 million, due in 2031 and an interest rate of 0% to qualified institutional buyers. Cipher also expects to grant a 13-day option to the original purchaser of the notes to purchase the notes in an additional principal amount of up to $120 million. The notes will mature on October 1, 2031 unless redeemed, repurchased or converted early. Cipher intends to use part of the net proceeds from this offering to pay call option trading costs, and the remaining amount will be used to fund the company's data center construction in Barber Lake, accelerate the full deployment of its 2.4 GW high-performance computing (HPC) strategy, continue to expand its development site reserves, and for general corporate purposes.