Cipher Mining Announces September 2023 Operational Update
October 02 2023 - 4:08PM
Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for September 2023.
Key Highlights
Key Metrics |
September 2023* |
BTC Mined |
416 |
Power Sales Equivalent BTC1 |
33 |
BTC Sold |
382 |
BTC Held |
553 |
Deployed Mining Rigs |
70,000 |
Month End Operating Hash Rate (EH/s) |
7.2 |
*Approximate values
Management Commentary for September
In September, Cipher finalized the buildout of the operations at
its Odessa facility and finished the month with the potential to
mine up to 16.4 bitcoin2 per day.
“We are delighted to announce that we have completed the final
phase of the build-out of the Odessa facility and achieved our Q3
goal of 7.2 EH/s of bitcoin mining capacity across our portfolio,”
said Tyler Page, CEO of Cipher. “We are proud to have delivered
solid production in a period that was characterized by record
temperatures and demand, as well as significant periods of
curtailment from our power provider. Over the course of the summer,
we were able to improve operations as our team collected and
analyzed large amounts of data and made additional changes to
optimize the performance of our mining fleet. We are now fully
operating at Odessa with the large majority of our curtailment
hours behind us. As in previous months, we have reported additional
monthly power sales as a bitcoin equivalent figure in the table
above.”
Cipher Mining’s Rigs at the Odessa Data Center
Bitcoin Production and Operations Updates for September
2023
Cipher finalized the Odessa data center, bringing Cipher’s total
deployed rig count to approximately 70,000. Cipher produced ~416
BTC in September, representing a ~16% increase in production
relative to the previous month. As part of its regular treasury
management process, Cipher sold ~382 BTC in September, ending the
month with a balance of ~553 BTC.
About Cipher
Cipher is an emerging technology company focused on the
development and operation of bitcoin mining data centers. Cipher is
dedicated to expanding and strengthening the Bitcoin network's
critical infrastructure. Together with its diversely 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 federal securities laws of the United
States. The Company intends such forward-looking statements to 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 purposes of complying
with these safe harbor provisions. Any statements made in this
press release that are not statements of historical fact, including
statements about our beliefs and expectations regarding our future
results of operations and financial position, business strategy,
timing and likelihood of success, potential expansion of bitcoin
mining data centers, expectations regarding the operations of
mining centers, and management plans and objectives, are
forward-looking statements and should be evaluated as such.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These forward-looking statements
generally are identified by the words “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,”
“targets,” “projects,” “contemplates,” “believes,” “estimates,”
“strategy,” “future,” “forecasts,” “opportunity,” “predicts,”
“potential,” “would,” “will likely result,” “continue,” and similar
expressions (including the negative versions of such words or
expressions).
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by Cipher and our
management, are inherently uncertain. 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 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 14, 2023, and
in Cipher’s subsequent filings with the SEC. 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 not to put undue reliance on forward-looking statements,
and Cipher assumes no obligation and, except as required by law,
does not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Contacts:Investor Contact:Josh
KaneHead of Investor Relations at Cipher
Miningjosh.kane@ciphermining.com
Media Contact:Ryan Dicovitsky / Kendal
TillDukas Linden Public RelationsCipherMining@DLPR.com
______________________________
1 Represents unaudited power sales estimates for the month of
September (based on current meter data and nodal prices) divided by
the bitcoin price as of September 30, 2023 of ~$26,9702 Assumes
network hash rate of 407 EH/s and 933 bitcoins mined per day
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/cbadbf1b-066a-4e3b-9ac8-f862648a90ff
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