Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for June 2023.
Key Highlights
Key Metrics |
June 2023* |
BTC Mined |
360 |
Power Sales Equivalent BTC1 |
41 |
BTC Sold |
350 |
BTC Held |
417 |
Deployed Mining Rigs |
65,000 |
Month End Operating Hash Rate (EH/s) |
6.7 |
*Approximate values
Management Commentary In June, Cipher continued
to expand operations at its Odessa facility and finished June with
the potential to mine up to 17.1 bitcoin2 per day.
“The month of June featured challenging operating conditions.
Texas experienced record high temperatures, weak wind production
and record demand for power as we entered the critical 4CP summer
months,” said Tyler Page, CEO of Cipher. “Against this backdrop, we
are delighted to announce production numbers that reflect not only
our ability to navigate tough operating conditions and manage our
mining fleet during extreme temperatures, but also our optimization
of production through power sales. In this month’s report, we
introduced a Power Sales Equivalent BTC line item that is not
included in our BTC Mined statistic and is an estimate of our
incremental power sales for the month expressed in bitcoin terms.
We hope this provides insight into our monthly revenue potential
beyond just our bitcoin production. With the extreme demand for
power in June, we also saw our Odessa PPA counterparty use a
significant amount of their annual curtailment budget, which
demonstrates the value of bitcoin mining as an industry in
supporting the grid at its most vulnerable times and positions us
well for the remainder of 2023 if market power prices remain
high.”
“As we continue to expand our mining capacity, we aim to deliver
operational excellence, even in the hot Texas summer. Our team
focuses on efficient optimization of the portfolio, whether that is
through the mix of rigs in use, underclocking our machines, or
selling power back to the grid at the most valuable times. We are
also pleased to announce that we have taken delivery of all 11,000
Canaan rigs that we recently purchased. And with the final build
out of the infrastructure in the next few months, we are well on
track to deliver on our goal of 7.2 EH/s by the end of Q3.”
Satellite Image of the Odessa Data Center
Final Shipment of Canaan Rigs
Bitcoin Production and Operations Updates for June
2023Cipher received the delivery of all 11,000 Canaan rigs
recently purchased and incrementally began to energize the new rigs
during the month of June, bringing Cipher’s total deployed rig
count to approximately 65,000. Cipher produced ~360 BTC in June,
representing a ~27% decrease in production relative to the previous
month. As part of its regular treasury management process, Cipher
sold ~350 BTC in June and executed its first bitcoin futures and
options trades, ending the month with a balance of ~417 BTC.
About
CipherCipher 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
StatementsThis 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, 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
Photos accompanying this announcement are available at
:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f59e7611-1e4c-43d1-8b96-11a5aefeb9c2
https://www.globenewswire.com/NewsRoom/AttachmentNg/eefe09d1-48c7-4ddf-82bf-1592c3868643
______________________
1 Represents unaudited
power sales estimates for the month of June (based on current meter
data and nodal prices) divided by the bitcoin price as of June 30,
2023 of ~$30,449 2 Assumes network hash rate of 370 EH/s and 946
bitcoins mined per day
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