Marks Essential Step at Texas Website
All 4 Information Facilities Positioned to Produce as much as ~7.0 EH/s at an Common Energy Worth of ~2.7 c/kWh by Early 2023
NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) — Cipher Mining, Inc. (Nasdaq: CIFR) (“Cipher” or the “Firm”), a U.S.-based bitcoin mining firm, at present introduced it has commenced bitcoin mining operations at its Odessa knowledge heart in Texas.
“We’re delighted to announce that our Odessa knowledge heart has begun bitcoin mining operations simply 10 months after we broke floor on the website. The beginning of mining at Odessa represents a essential step in Cipher’s journey to turn into a market chief within the U.S. bitcoin mining business. Since going public in 2021, we now have constructed 4 knowledge facilities in Texas and are actually one of many lowest price producers of bitcoin,” mentioned Tyler Web page, CEO. “Due to our long-term, mounted value energy contract at Odessa, we even have a bonus that few different bitcoin miners have — the flexibleness to mine bitcoin or resell our energy to the market, which may also help mitigate the consequences of falling bitcoin costs.”
The Firm 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 current 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 Firm’s anticipated hash fee timeline, are outlined within the Cipher Q3 2022 earnings presentation.
About Cipher
Cipher is an rising expertise firm centered on the event and operation of bitcoin mining knowledge facilities in the USA. Cipher is devoted to increasing and strengthening the Bitcoin community’s essential infrastructure. Along with its diversely proficient crew and strategic partnerships, Cipher goals to be a market chief in bitcoin mining development and innovation. To study extra about Cipher, please go to https://www.ciphermining.com/.
Ahead Trying Statements
This press launch comprises sure forward-looking statements inside the which means of the federal securities legal guidelines of the U.S. The Firm intends such forward-looking statements to be lined by the secure harbor provisions for forward-looking statements contained within the Non-public 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 through the enterprise replace convention name that aren’t statements of historic truth, together with statements about our beliefs and expectations relating to our efficiency, technique, growth plans, future operations, future working outcomes, projected prices, prospects, plans, and aims of our administration, are forward-looking statements and must be evaluated as such. Ahead-looking statements embody info regarding potential or assumed future outcomes of operations, together with descriptions of our marketing strategy and methods. These forward-looking statements typically are recognized by the phrases “consider,” “challenge,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “forecast,” “alternative,” “plan,” “could,” “ought to,” “will,” “would,” “shall be,” “will proceed,” “will seemingly end result,” and related expressions (together with the detrimental variations of such phrases or expressions).
These forward-looking statements are based mostly upon estimates and assumptions that, whereas thought-about cheap by Cipher and its administration, are inherently unsure. Such forward-looking statements are topic to dangers, uncertainties, and different components that would trigger precise outcomes to vary materially from these expressed or implied by such ahead wanting statements. New dangers and uncertainties could emerge every so often, and it isn’t potential to foretell all dangers and uncertainties. Many components 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 attributable to a wide range of components, together with modifications within the aggressive and controlled business wherein Cipher operates, variations in efficiency throughout rivals, modifications in legal guidelines and rules affecting Cipher’s enterprise, and the flexibility to implement enterprise plans, forecasts, and different expectations and to determine and understand further alternatives. The foregoing listing of things will not be exhaustive. You need to rigorously think about the foregoing components and the opposite dangers and uncertainties described within the “Threat Elements” part of our Annual Report on Type 10-Ok filed with the Securities and Alternate Fee (“SEC”) on March 4, 2022, the “Threat Elements” sections of our Quarterly Report on Type 10-Q filed with the SEC on Could 10, 2022 and on August 9, 2022, and in Cipher’s subsequent filings with the SEC together with Cipher’s Quarterly Report on Type 10-Q filed with the Securities and Alternate Fee (“SEC”) on November 14, 2022. These filings determine and tackle different vital dangers and uncertainties that would trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse 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.
Contacts:
Investor Contact:
Josh Kane
Head of Investor Relations at Cipher Mining
josh.kane@ciphermining.com
Lori Barker
Blueshirt Group Investor Relations
cipher@blueshirtgroup.com
Media Contact:
Ryan Dicovitsky / Kendal Until
Dukas Linden Public Relations
CipherMining@DLPR.com
