Marks a critical step at the Texas Site
All four data centers positioned to produce up to ~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 US-based bitcoin mining company, announced today that it has started bitcoin mining at its Odessa data center in Texas.
“We are excited to announce that our Odessa data center has started bitcoin mining just 10 months after we broke ground on the site. The start of mining in Odessa represents a critical step in Cipher’s journey to become the market leader in the US bitcoin mining industry . Since we went public in 2021, we have built four data centers in Texas and are now one of the lowest bitcoin producers,” said Tyler Page, CEO. “Due to our long-term, fixed-price power contract in Odessa, we also have an advantage that few other bitcoin miners have – the flexibility to mine bitcoin or resell our power to the market, which can help cushion the effects of falling bitcoin prices. »
The company now operates four data centers with a total capacity expected to increase to 267 MW by early 2023. As Odessa ramps up, Cipher expects to dedicate up to 7 EH/s to self-extraction across its four data centers.
As part of the recent Q3 2022 earnings release and business update, Cipher’s Odessa power contract was recorded as an asset valued at approximately $78.9mm as of September 30, 2022. The Odessa power build-out plan, as well as the company’s expected hash rate timeline, are outlined in the Cipher Q3 2022 results presentation.
About Cipher
Cipher is an emerging technology company focused on developing and operating bitcoin mining data centers in the United States. Cipher is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure. Together with its diverse 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 United States federal securities laws. The Company intends such forward-looking statements to be covered by the forward-looking statement safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and includes this statement for the purpose of complying with those safe harbor provisions. Any statements in this press release or during the business update conference call that are not statements of historical fact, including statements about our beliefs and expectations regarding our performance, strategy, expansion plans, future operations, future results of operations, projected costs, prospects, plans and goals of our management are forward-looking statements and should be considered as such. Forward-looking statements include information about possible or assumed future operating results, including descriptions of our business plan and strategies. These forward-looking statements are generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan” , “may”, “should”, “will”, “would”, “will be”, “will continue”, “will likely lead to” and similar expressions (including negative versions of such words or expressions).
These forward-looking statements are based on estimates and assumptions that, although believed to be reasonable by Cipher and its management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties and other factors that may 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 4, 2022, “Risk Factors”- the portion of our Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022 and August 9, 2022, and in Cipher’s subsequent filings with the SEC, including Cipher’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC” ) November 14, 2022. 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 that not to rely on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise d these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Investor contact:
Josh Kane
Head of Investor Relations at Cipher Mining
[email protected]
Lori Barker
Blueshirt Group Investor Relations
[email protected]
Media contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden PR
[email protected]
