Cipher Mining Announces May 2023 Operational Update
01 Junho 2023 - 5:05PM
Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for May 2023.
Key Highlights
Key Metrics |
May 2023* |
BTC Mined |
493 |
BTC Sold |
513 |
BTC Held |
407 |
Deployed Mining Rigs |
59,000 |
Month End Operating Hash Rate (EH/s) |
6.0 |
*Approximate values
Management Commentary During the month of May,
Cipher delivered record bitcoin production across its portfolio
while funding both operating expenses and capital expenditures
through ongoing operations. Cipher finished May with the potential
to mine approximately 17.4 bitcoin1 per day.
“We are delighted to announce we achieved record production
during the month of May,” said Tyler Page, CEO. “We now have over 5
EH/s of self-mining operations at our Odessa facility and
approximately 1 EH/s of self-mining operations across our other
three sites. This record production reflects not only the first
full month of our operations with 6 EH/s of capacity but also the
sharp increase in transaction fees that we saw during the month.
While that level of transaction fees may not be sustainable in the
near term, it is an important reminder of the many different
long-term opportunities that exist for adoption and growth of the
Bitcoin network.” Mr. Page added, “With the first phase of our
buildout at Odessa now complete, we are excited to turn our
attention to completing the final phase of Odessa’s buildout during
the third quarter. In May, we were able to reinvest our operating
profits back into the growth of the business by making capital
investments at some of the lowest cyclical prices we have ever
seen. Prudent growth investment now will sow the seeds that reap
future outperformance. We are also pleased to announce that the
first 3,120 Canaan rigs have already shipped, and we plan to have
the site ready to accommodate them upon arrival. We are well on
track to deliver on our goal of 7.2 EH/s by the end of Q3.”
Odessa Data Center Area A – Awaiting Arrival of Canaan Rigs
Bitcoin Production and Operations Updates for May
2023
May was the first full
month of operations at Odessa with more than 59,000 rigs deployed.
Cipher produced ~493 BTC in May, representing a ~21% increase in
production relative to the previous month. As part of its regular
treasury management process, Cipher sold ~513 BTC in May, ending
the month with a balance of ~407 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
1 Assumes network hash
rate of 361 EH/s and 1,046 bitcoins mined per day
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/845c5d49-acb9-4d1c-b036-81e7cbfaa7a7
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