Cipher Mining Announces July 2023 Operational Update
01 Agosto 2023 - 5:05PM
Cipher Mining Inc. (NASDAQ:CIFR)
(“Cipher” or the “Company”) today released its unaudited production
and operations update for July 2023.
Key Highlights
Key Metrics |
July 2023* |
BTC Mined |
418 |
Power Sales Equivalent BTC1 |
28 |
BTC Sold |
318 |
BTC Held |
518 |
Deployed Mining Rigs |
66,000 |
Month End Operating Hash Rate (EH/s) |
6.8 |
*Approximate values
Management Commentary In July, Cipher continued
to expand operations at its Odessa facility and finished the month
with the potential to mine up to 16.5 bitcoin2 per day.
“We are delighted to announce that we have increased our
production numbers for the month of July despite very challenging
operating conditions,” said Tyler Page, CEO of Cipher. “Similar to
what we experienced last month, Texas saw many days of extreme
temperatures, lower wind production year-over-year and record
demand for power. Each month our operations and technology teams
make further strides as we gain greater insight into the
performance of the rigs under a severe operating environment. An
important feature of our Odessa PPA is the ability to sell power
back to the grid, and as of last month, we began reporting those
sales monthly as a bitcoin equivalent figure in the table
above.”
“Last month we announced that we took delivery of all 11,000
Canaan rigs that we recently purchased and are very pleased with
their overall performance. We remain well on track to fulfill our
goal of 7.2 EH/s of self-mining capacity by the end of Q3. Finally,
it is worth highlighting that we have added to our bitcoin
inventory this month, which reflects both higher monthly bitcoin
production and also lower capital expenditures as we near the end
of our Odessa buildout.”
Recently Installed Canaan
Rigs
Bitcoin Production and Operations Updates for July
2023
Cipher continued to
finalize the expansion of the infrastructure and energize the new
Canaan rigs at Odessa, bringing Cipher’s total deployed rig count
to approximately 66,000. Cipher produced ~418 BTC in July,
representing a ~16% increase in production relative to the previous
month. As part of its regular treasury management process, Cipher
sold ~318 BTC in July, ending the month with a balance of ~518
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 Represents unaudited
power sales estimates for the month of July (based on current meter
data and nodal prices) divided by the bitcoin price as of July 31,
2023 of ~$29,2752 Assumes network hash rate of 378 EH/s and 921
bitcoins mined per day
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9b8c88ac-2ff1-4196-a5dc-e27a3ac0275d
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