Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for May 2024.
Key Highlights
Key Metrics |
May 2024 |
BTC Mined1 |
166 |
BTC Sold |
50 |
BTC Held |
2,142 |
Deployed Mining Rigs |
71,000 |
Month End Operating Hash Rate (EH/s) |
8.0 |
1 Includes May power sales estimates (based on current meter
data and nodal prices) equivalent to 8 bitcoin (using month-end
bitcoin price of $67,667)
Management Commentary for May
In May, while the bitcoin mining industry experienced the first
full month of impact from the most recent halving, Cipher continued
to deliver positive cash flows while building its bitcoin inventory
and executing the expansion of its Bear and Chief sites. Also,
Cipher’s power provider at its Odessa data center has used a
significant amount of its annual curtailment budget year-to-date,
in advance of the four summer months that typically feature peak
demand in Texas. Given the hot weather forecast for the summer, and
Cipher’s unique ability to re-sell power secured under contract at
a low fixed price, the company expects to be well-positioned to
benefit if high market prices materialize this summer.
“As we complete the expansion at Bear and Chief, we continue to
grow our total self-mining capacity, which is now approximately 8
EH/s. With our power hedged at a low price, strong balance sheet,
and continuing expansion plans, we expect to thrive in this
post-halving environment,” said Tyler Page, CEO of Cipher.
“We are also delighted to
announce that the Company has signed a term sheet to acquire a new
site in Cotulla, Texas for $2.5 million. The site features at least
70 MW of capacity available in 2026, with the potential to expand
to 200 MW. Our team is completing due diligence, and we hope to
close on this purchase in early July. This acquisition
demonstrates our continued ability to source attractive data center
sites at reasonable prices and our focus on power assets as the key
driver of value in our industry. Sourcing these power opportunities
in a competitive market and transforming them into leading-edge
data centers is a key differentiator for Cipher and will only
become more valuable in the coming years.”
30 MW expansion at Bear
is energized and ramping hash rate
Bitcoin
Production and Operations Updates for May 2024
Cipher produced ~1661 BTC
in May. As part of its regular treasury management process, Cipher
sold ~50 BTC in May, ending the month with a balance of ~2,142
BTC.
About
Cipher
Cipher is an emerging
technology company focused on the development and operation of
bitcoin mining data centers. Cipher is dedicated to expanding and
strengthening the Bitcoin network's critical infrastructure.
Together with its diversely talented team and strategic
partnerships, Cipher aims to be a market leader in bitcoin mining
growth and innovation. To learn more about Cipher, please visit
https://www.ciphermining.com/
Forward Looking
Statements
This press release
contains certain forward-looking statements within the meaning of
the federal securities laws of the United States. The Company
intends such forward-looking statements to be covered by the safe
harbor provisions for forward-looking statements contained in the
Private Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. Any statements made in this press release that are not
statements of historical fact, including statements about our
beliefs and expectations regarding our future results of operations
and financial position, business strategy, timing and likelihood of
success, potential expansion of or additional bitcoin mining data
centers, expectations regarding the operations of mining centers,
and management plans and objectives, are forward-looking statements
and should be evaluated as such. Forward-looking statements include
information concerning possible or assumed future results of
operations, including descriptions of our business plan and
strategies. These forward-looking statements generally are
identified by the words “may,” “will,” “should,” “expects,”
“plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,”
“projects,” “contemplates,” “believes,” “estimates,” “strategy,”
“future,” “forecasts,” “opportunity,” “predicts,” “potential,”
“would,” “will likely result,” “continue,” and similar expressions
(including the negative versions of such words or expressions).
These forward-looking
statements are based upon estimates and assumptions that, while
considered reasonable by Cipher and our management, are inherently
uncertain. Such forward-looking statements are subject to risks,
uncertainties, and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. New risks and uncertainties may emerge
from time to time, and it is not possible to predict all risks and
uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, including but not limited to: volatility in the price of
Cipher’s securities due to a variety of factors, including changes
in the competitive and regulated industry in which Cipher operates,
variations in performance across competitors, changes in laws and
regulations affecting Cipher’s business, and the ability to
implement business plans, forecasts, and other expectations and to
identify and realize additional opportunities. The foregoing list
of factors is not exhaustive. You should carefully consider the
foregoing factors and the other risks and uncertainties described
in the “Risk Factors” section of our Annual Report on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
5, 2024, and in Cipher’s subsequent filings with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Cipher assumes no obligation and, except as
required by law, does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contacts:Investor Contact:Josh
KaneHead of Investor Relations at Cipher
Miningjosh.kane@ciphermining.com
Media
Contact:Ryan Dicovitsky / Kendal TillDukas Linden Public
RelationsCipherMining@DLPR.com
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/2fa20644-f9a6-47f2-b016-b60985994c3e
1 Includes May power sales estimates (based on current meter
data and nodal prices) equivalent to 8 bitcoin (using month-end
bitcoin price of $67,667)
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