Marks Critical Step at Texas Site
All Four Data Centers Positioned to Produce as much as ~7.0 EH/s at an Average Power Price of ~2.7 c/kWh by Early 2023
NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) — Cipher Mining, Inc. (Nasdaq: CIFR) (“Cipher” or the “Company”), a U.S.-based bitcoin mining firm, right this moment introduced it has commenced bitcoin mining operations at its Odessa knowledge heart in Texas.
“We are delighted to announce that our Odessa knowledge heart has begun bitcoin mining operations simply 10 months after we broke floor at the positioning. The begin of mining at Odessa represents a crucial step in Cipher’s journey to grow to be a market chief within the U.S. bitcoin mining trade. Since going public in 2021, we’ve got constructed 4 knowledge facilities in Texas and at the moment are one of many lowest value producers of bitcoin,” mentioned Tyler Page, CEO. “Because of our long-term, fastened value energy contract at Odessa, we even have a bonus that few different bitcoin miners have — the pliability to mine bitcoin or resell our energy to the market, which may also help mitigate the results of falling bitcoin costs.”
The Company now operates 4 knowledge facilities with complete capability anticipated to ramp as much as 267 MW in early 2023. As Odessa ramps up, Cipher expects to dedicate as much as 7 EH/s to self-mining throughout its 4 knowledge facilities.
As a part of its latest Q3 2022 earnings launch and enterprise replace, Cipher’s Odessa energy contract was recorded as an asset valued at roughly $78.9mm as of September 30, 2022. The Odessa energy ramp-up schedule, in addition to the Company’s anticipated hash charge timeline, are outlined within the Cipher Q3 2022 earnings presentation.
Cipher is an rising know-how firm targeted on the event and operation of bitcoin mining knowledge facilities within the United States. Cipher is devoted to increasing and strengthening the Bitcoin community’s crucial infrastructure. Together with its diversely proficient crew and strategic partnerships, Cipher goals to be a market chief in bitcoin mining development and innovation. To be taught extra about Cipher, please go to https://www.ciphermining.com/.
Forward Looking Statements
This press launch incorporates sure forward-looking statements throughout the which means of the federal securities legal guidelines of the U.S. The Company intends such forward-looking statements to be lined by the secure harbor provisions for forward-looking statements contained within the Private Securities Litigation Reform Act of 1995 and contains this assertion for functions of complying with these secure harbor provisions. Any statements made on this press launch or throughout the enterprise replace convention name that aren’t statements of historic truth, together with statements about our beliefs and expectations concerning our efficiency, technique, enlargement plans, future operations, future working outcomes, projected prices, prospects, plans, and goals of our administration, are forward-looking statements and must be evaluated as such. Forward-looking statements embody info regarding potential or assumed future outcomes of operations, together with descriptions of our marketing strategy and techniques. These forward-looking statements usually are recognized by the phrases “imagine,” “undertaking,” “anticipate,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “forecast,” “alternative,” “plan,” “could,” “ought to,” “will,” “would,” “might be,” “will proceed,” “will possible outcome,” and comparable expressions (together with the destructive variations of such phrases or expressions).
These forward-looking statements are based mostly upon estimates and assumptions that, whereas thought of affordable by Cipher and its administration, are inherently unsure. Such forward-looking statements are topic to dangers, uncertainties, and different elements that might trigger precise outcomes to vary materially from these expressed or implied by such ahead wanting statements. New dangers and uncertainties could emerge occasionally, and it’s not potential to foretell all dangers and uncertainties. Many elements may trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted to: volatility within the value of Cipher’s securities as a result of quite a lot of elements, together with adjustments within the aggressive and controlled trade wherein Cipher operates, variations in efficiency throughout rivals, adjustments in legal guidelines and laws affecting Cipher’s enterprise, and the power to implement enterprise plans, forecasts, and different expectations and to establish and notice extra alternatives. The foregoing listing of things just isn’t exhaustive. You ought to fastidiously take into account the foregoing elements and the opposite dangers and uncertainties described within the “Risk Factors” part of our Annual Report on Form 10-Okay filed with the Securities and Exchange Commission (“SEC”) on March 4, 2022, the “Risk Factors” sections of our Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022 and on August 9, 2022, and in Cipher’s subsequent filings with the SEC together with Cipher’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on November 14, 2022. These filings establish and deal with different vital dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Forward-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Cipher assumes no obligation and, besides as required by regulation, doesn’t intend to replace or revise these forward-looking statements, whether or not because of new info, future occasions, or in any other case.
Head of Investor Relations at Cipher Mining
Blueshirt Group Investor Relations
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations