Cipher Mining Commences Bitcoin Mining at Odessa Data Center
November 29 2022 - 4:05PM
Cipher Mining, Inc. (Nasdaq: CIFR) (“Cipher” or the “Company”), a
U.S.-based bitcoin mining company, today announced it has commenced
bitcoin mining operations at its Odessa data center in Texas.
“We are delighted to announce that our Odessa data center has
begun bitcoin mining operations just 10 months after we broke
ground at the site. The start of mining at Odessa represents a
critical step in Cipher’s journey to become a market leader in the
U.S. bitcoin mining industry. Since going public in 2021, we have
built four data centers in Texas and are now one of the lowest cost
producers of bitcoin,” said Tyler Page, CEO. “Because of our
long-term, fixed price power contract at 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
mitigate the effects of falling bitcoin prices.”
The Company now operates four data centers with total capacity
expected to ramp up to 267 MW in early 2023. As Odessa ramps up,
Cipher expects to dedicate up to 7 EH/s to self-mining across its
four data centers.
As part of its 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 ramp-up schedule, as well as the Company’s anticipated
hash rate timeline, are outlined in the Cipher Q3 2022 earnings
presentation.
About CipherCipher is an emerging 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 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 U.S. 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 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 operating results, projected costs,
prospects, plans, and objectives of our management, 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 “believe,” “project,”
“expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,”
“forecast,” “opportunity,” “plan,” “may,” “should,” “will,”
“would,” “will be,” “will continue,” “will likely result,” 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 its
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 4, 2022, the
“Risk Factors” sections of our Quarterly Report on Form 10-Q filed
with the SEC on May 10, 2022 and on 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 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
Lori BarkerBlueshirt Group Investor
Relationscipher@blueshirtgroup.com
Media Contact:Ryan Dicovitsky / Kendal
TillDukas Linden Public RelationsCipherMining@DLPR.com
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