Marks Vital Step at Texas Website
All 4 Knowledge Facilities Positioned to Produce as much as ~7.0 EH/s at an Common Energy Value 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, immediately 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 vital 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 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 pliability to mine bitcoin or resell our energy to the market, which might help mitigate the results of falling bitcoin costs.”
The Firm now operates 4 knowledge facilities with whole 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 Firm’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 in america. Cipher is devoted to increasing and strengthening the Bitcoin community’s vital infrastructure. Along with its diversely proficient group 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/.
Ahead Wanting Statements
This press launch incorporates sure forward-looking statements throughout the that means of the federal securities legal guidelines of the U.S. The Firm intends such forward-looking statements to be coated by the protected harbor provisions for forward-looking statements contained within the Personal Securities Litigation Reform Act of 1995 and contains this assertion for functions of complying with these protected harbor provisions. Any statements made on this press launch or in the course of 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 targets of our administration, are forward-looking statements and needs to be evaluated as such. Ahead-looking statements embody info regarding attainable 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,” “challenge,” “count on,” “anticipate,” “estimate,” “intend,” “technique,” “future,” “forecast,” “alternative,” “plan,” “could,” “ought to,” “will,” “would,” “might be,” “will proceed,” “will probably end result,” and comparable expressions (together with the damaging variations of such phrases or expressions).
These forward-looking statements are primarily based 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 components that would trigger precise outcomes to vary materially from these expressed or implied by such ahead trying statements. New dangers and uncertainties could emerge infrequently, and it’s not attainable to foretell all dangers and uncertainties. Many components might 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 quite a lot of components, together with modifications within the aggressive and controlled trade by which Cipher operates, variations in efficiency throughout rivals, modifications in legal guidelines and rules affecting Cipher’s enterprise, and the power to implement enterprise plans, forecasts, and different expectations and to establish and notice further alternatives. The foregoing listing of things will not be exhaustive. It is best to fastidiously think about the foregoing components and the opposite dangers and uncertainties described within the “Threat Components” part of our Annual Report on Type 10-Ok filed with the Securities and Change Fee (“SEC”) on March 4, 2022, the “Threat Components” 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 Change Fee (“SEC”) on November 14, 2022. These filings establish and handle different essential 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 on account of new info, future occasions, or in any other case.
Head of Investor Relations at Cipher Mining
Blueshirt Group Investor Relations
Ryan Dicovitsky / Kendal Until
Dukas Linden Public Relations