Cipher Mining Announces 60 MW Expansion of its Bear and Chief Joint Venture Data Centers and Purchase of 16,700 New Miners from Canaan Inc.
January 03 2024 - 4:15PM
Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher”), a leading developer
and operator of bitcoin mining data centers, announced today that
Bear LLC and Chief Mountain LLC, the joint venture entities in
which Cipher holds 49% interests, have entered into agreements with
Canaan to purchase 16,700 units of the latest generation Avalon
A1466 miners for delivery in the second quarter of 2024. Cipher and
its joint venture partner plan to install half of these miners at
the Bear facility and half at the Chief facility, representing an
expansion of ~30 MW, or ~1.25 EH/s, at each data center. Payment
terms allow Bear LLC and Chief Mountain LLC to deliver up to 30% of
the total consideration in the 90 days after delivery.
Tyler Page, CEO of Cipher, commented, “We are pleased to
announce we have finalized and funded the plans for initial 30 MW
expansions in the second quarter at each of our Bear and Chief
joint venture facilities. These expansions, along with plans for
our newly acquired Black Pearl site, position us for strong growth,
and I expect Cipher to be one of the industry winners coming out of
the halving.”
“We are also very excited to execute our second miner purchase
and expand our relationship with Canaan, and happy to have done so
at this point in the machine market cycle and on very favorable
terms. The Canaan machines we purchased last year are among the
best performing miners in our fleet, especially in the Texas summer
heat, and we look forward to adding another 2.5 EH/s of their
machines to our joint venture data centers in Texas with this
purchase,” continued Mr. Page.
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 or
additional 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 Kane
Head of Investor Relations at Cipher Mining
josh.kane@ciphermining.com
Media Contact:
Ryan Dicovitsky / Kendal Till
Dukas Linden Public Relations
CipherMining@DLPR.com
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