Marks Critical Step in Texas Site
All Four Data Centers are positioned to produce up to ~7.0 EH/s by early 2023 at an average power price of ~2.7 kWh.
NEW YORK, Nov. 29, 2022 (GLOBE NEWSWIRE) — Cipher Mining, Inc. (Nasdaq: CIFR) (“Cypher” or the “Company”), a US-based bitcoin mining company, announced today that it has begun bitcoin mining operations at its Odessa, Texas data center.
“We are pleased to announce that our Odessa data center has begun bitcoin mining operations just 10 months after breaking ground on the site. The start of mining operations in Odessa marks a critical step for Cipher to become the market leader in the US bitcoin mining industry. Since going public in 2021, we have built four data centers in Texas and are currently one of the lowest-cost producers of bitcoin,” said CEO Tyler Page. “Due to our long-term, fixed-price power contract in Odessa, several other bitcoin miners have an advantage – the flexibility to mine bitcoin or sell our power to the market, which can help mitigate the effects of a bitcoin fall. prices.”
The company currently operates four data centers with a total capacity expected to reach 267 MW by early 2023. As Odessa ramps up, Cipher expects to spend up to 7 EH/s mining itself across its four data centers.
As part of its Q3 2022 earnings release and business update, Cipher’s Odessa power contract was recorded as an asset at approximately 78.9mm as of September 30, 2022. The Odessa electricity ramp-up schedule, as well as the Company’s expected hash rate timeline, are outlined in Cipher’s Q3 2022 earnings presentation.
About the password
Cipher is a growing technology company focused on the development and operation of bitcoin mining data centers in the United States. Cipher is dedicated to expanding and strengthening the critical infrastructure of the Bitcoin network. Together with its diverse talented team and strategic partnerships, Cipher aims to be the market leader in bitcoin mining development and innovation. Visit to learn more about Cipher https://www.ciphermining.com/.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of US federal securities laws. 1995 and includes this statement in order to comply with these safe harbor provisions. Any statements made in this press release or during the business update conference call, including our performance, strategy, expansion plans, future operations, future results of operations, projected costs, prospects, plans and objectives of our management, are forward-looking statements and should be considered as such. Forward-looking statements include information about possible or probable future results of operations, including descriptions of our business plan and strategies. These forward-looking statements are generally defined by the words “believe”, “project”, “anticipate”, “anticipate”, “estimate”, “intend”, “strategy”, “future”, “forecast”, “opportunity”. . ” “plan,” “may,” “should,” “will,” “will,” “will,” “continue,” “probably result in” and similar expressions (including negative versions of such words or expressions ) ).
These forward-looking statements are based on estimates and assumptions that are inherently uncertain, even if they are believed to be reasonable by Cipher and its management. 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 arise 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 various factors, including competitive and regulated industry changes. Cipher’s operations, changes in performance among competitors, changes in laws and regulations affecting Cipher’s business, business plans, forecasts and other expectations, and the ability to identify and pursue additional opportunities. The above list of factors is not exhaustive. You should carefully consider the above factors and 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” sections of our Quarterly Report on Form 10-Q filed with the SEC on May 10, 2022 and August 9, 2022, and Cipher’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, including subsequent filings with the SEC in its filings with the Securities and Exchange Commission (“SEC”) on November 14, 2022. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements and Cipher undertakes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements as a result of new information, future events. , or else.
Contacts:
Investor Relations:
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 Dikovitsky / Kendall Till
Dukas Linden Public Relations
CipherMining@DLPR.com
