Cipher Mining (CIFR) Provides January 2023 Operational Update

Cipher Mining (NASDAQ: CIFR) (“Cipher” or the “Company”), a number one developer and operator of bitcoin mining information facilities, at this time introduced its unaudited manufacturing and operations replace for January 2023.

Key Highlights

*Approximate values

Administration Commentary

Through the month of January, Cipher continued to develop operations at Odessa, fund our capital expenditures out of operations and construct our bitcoin stock. Cipher began the month with the potential to mine as much as ~9.3 bitcoin in a day and completed with the potential to mine ~14.0 bitcoin1 – a ~51% enhance in a single month.

“Our experienced deployment and operations teams worked tirelessly to continue our rapid hash rate build throughout January,” stated Tyler Web page, CEO of Cipher. “We now have over 3.3 EH/s of self-mining operations at our Odessa facility and approximately 4.3 EH/s of self-mining operations across our sites. Cipher remains on track to build out ~6 EH/s of self-mining capacity in the first quarter of 2023.”

Odessa Information Heart Space B & C

Bitcoin Manufacturing and Operations Updates for January 2023

Through the month of January, Cipher energized 13,300 new Bitmain and MicroBT miners, representing a rise in hash fee of ~1.4 EH/s and a ~48% enhance relative to the earlier month. With the rise in hash fee, Cipher produced ~343 BTC in January, representing a ~52% enhance in manufacturing relative to the earlier month. As a part of its common treasury administration course of, Cipher bought ~314 BTC in January, ending the month with a steadiness of ~424 BTC.

About Cipher

Cipher is an rising expertise firm centered on the event and operation of bitcoin mining information facilities in the USA. Cipher is devoted to increasing and strengthening the Bitcoin community’s vital infrastructure. Along with its diversely gifted staff and strategic partnerships, Cipher goals to be a market chief in bitcoin mining development and innovation. To study extra about Cipher, please go to https://www.ciphermining.com/.

Ahead Trying Statements

This press launch accommodates sure forward-looking statements inside the that means of the federal securities legal guidelines of the USA. The Firm intends such forward-looking statements to be coated by the secure harbor provisions for forward-looking statements contained within the Non-public Securities Litigation Reform Act of 1995 and consists of this assertion for functions of complying with these secure harbor provisions. Any statements made on this press launch that aren’t statements of historic reality, together with statements about our beliefs and expectations relating to our efficiency, technique, growth plans, future operations, future working outcomes, projected prices, prospects, plans, and goals of our administration, are forward-looking statements and needs to be evaluated as such. Ahead-looking statements embody info regarding attainable or assumed future outcomes of operations, together with descriptions of our marketing strategy and methods. These forward-looking statements typically are recognized by the phrases “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “forecast,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and comparable expressions (together with the unfavorable variations of such phrases or expressions).

These forward-looking statements are based mostly upon estimates and assumptions that, whereas thought of affordable by Cipher and our administration, are inherently unsure. Such forward-looking statements are topic to dangers, uncertainties, and different components that might trigger precise outcomes to vary materially from these expressed or implied by such ahead trying statements. New dangers and uncertainties could emerge once in a while, and it isn’t attainable to foretell all dangers and uncertainties. Many components might trigger precise future occasions to vary materially from the forward-looking statements on this press launch, together with however not restricted to: volatility within the value of Cipher’s securities as a consequence of quite a lot of components, together with modifications within the aggressive and controlled business during which Cipher operates, variations in efficiency throughout rivals, modifications in legal guidelines and laws affecting Cipher’s enterprise, and the power to implement enterprise plans, forecasts, and different expectations and to determine and notice further alternatives. The foregoing listing of things will not be exhaustive. It’s best to rigorously think about the foregoing components and the opposite dangers and uncertainties described within the “Risk Factors” part of our Annual Report on Type 10-Okay filed with the Securities and Change Fee (“SEC”) on March 4, 2022, the “Risk Factors” sections of our Quarterly Report on Type 10-Q filed with the SEC on Might 10, 2022 and on November 14, 2022, and in Cipher’s subsequent filings with the SEC. These filings determine and tackle different essential dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements converse solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and Cipher assumes no obligation and, besides as required by legislation, doesn’t intend to replace or revise these forward-looking statements, whether or not on account of new info, future occasions, or in any other case.

Contacts:
Investor Contact:
Josh Kane
Head of Investor Relations at Cipher Mining
[email protected]

Media Contact:
Ryan Dicovitsky / Kendal Until
Dukas Linden Public Relations
[email protected]

1 Assumes community hash fee of 274 EH/s and 900 bitcoins mined per day