Marks a critical milestone on the Texas site
The four data centers are positioned to produce up to ~7.0 PE/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 United States-based bitcoin mining company, today announced that it has commenced bitcoin mining operations at its data center in ‘Odessa Texas.
“We are delighted to announce that our Odessa data center has started bitcoin mining operations just 10 months after inaugurating the site. The start of mining in Odessa represents a critical step in Cipher’s journey to becoming a market leader in the US bitcoin mining industry. Since our IPO in 2021, we have built four data centers in Texas and are now one of the cheapest bitcoin producers,” said Tyler Page, CEO. “Because of our long-term fixed price electricity contract in Odessa, we also have an advantage that few other bitcoin miners have – the flexibility to mine bitcoin or resell our electricity on the market, which which can help mitigate the effects of bitcoin’s falling prices.”
The company now operates four data centers with a total capacity expected to reach 267MW by early 2023. As Odessa ramps up, Cipher plans to dedicate up to 7 PE/s to auto -extraction in its four data centers.
As part of its recent Q3 2022 earnings release and business update, Cipher’s power contract in Odessa was recorded as an asset valued at approximately $78.9 million as of September 30, 2022. Odessa’s electricity ramp-up schedule, along with the company’s expected hash rate schedule, are outlined in the Cipher Q3 2022 earnings presentation.
About encryption
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 critical infrastructure of the Bitcoin network. With its diversely talented team and strategic partnerships, Cipher aims to be a market leader in growth and innovation in the bitcoin mining industry. 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 that such forward-looking statements be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for the purposes of complying with such safe harbor provisions. All statements made in this press release or on the business update conference call that are not statements of historical fact, including statements about our beliefs and expectations regarding our performance, strategy, plans expansion plans, our future operations, our future operating results, our projected costs, our outlook, the plans and objectives of our management are forward-looking statements and should be evaluated as such. Forward-looking statements include information regarding possible or expected 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”, “expect ‘, ‘opportunity, ‘plan’, ‘may’, ‘should’, ‘will’, ‘would’, ‘will’, ‘will’, ‘will’, ‘probably will’ and similar expressions (including negative versions of these words or expressions ).
These forward-looking statements are based on estimates and assumptions that, while considered reasonable by Cipher and its management, are inherently uncertain. These 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 these forward-looking statements. New risks and uncertainties may arise from time to time and it is not possible to foresee all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements contained in this press release, including, but not limited to: the price volatility of Cipher’s securities due to various factors, including changes in the competitive and regulated industry in Cipher operates, variations in performance among 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, the “Risk Factors” in 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”) on 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 forward-looking statements. 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 such forward-looking statements, whether whether as a result of new information, future events, or otherwise.
contacts:
Investor contacts:
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 Public Relations
[email protected]