Cipher Mining Announces March 2023 Operational Update

About this update from Cipher Digital Inc.

[{"type":"text","content":"Leading Bitcoin Miner Produces 413 Bitcoin and Achieves New All-Time High Hash Rate Capacity of 5.7 EH/s in March 2023\nNEW YORK, April 03, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”), a leading developer and operator of bitcoin mining data centers, today released its unaudited production and operations update for March 2023. Key Highlights Key MetricsMarch 2023*BTC Mined413BTC Sold450BTC Held427Deployed Mining Rigs53,500Month End Operating Hash Rate (EH/s)5.7 *Approximate values Management Commentary During the month of March, Cipher expanded operations at its Odessa facility while funding both operating expenses and capital expenditures through ongoing operations. Cipher finished March with the potential to mine nearly 16 bitcoin1 per day. “We continue to make great progress on the buildout of our Odessa facility and now have over 4.7 EH/s of self-mining operations there, bringing our total self-mining capacity to 5.7 EH/s across all of our sites,” said Tyler Page, CEO of Cipher. “With our best-in-class unit economics, we were able to fund ongoing capex for Odessa from operations in March, without resorting to dilutive equity issuance or costly debt financing. In addition to mining bitcoin throughout the month, we managed our power usage to maximize our dollar-based output. There were times when we curtailed our mining so that we could sell power in the market, and there were also periods in the month when our Odessa power provider spent hours from their annual curtailment budget, potentially presenting us with greater power selling opportunities later in 2023. With the shipments of miners arriving at Odessa in April, we expect to achieve our initial goal of 6 EH/s, and we look forward to completing the Odessa infrastructure buildout in the second quarter.” Bitcoin Production and Operations Updates for March 2023During the month of March, Cipher energized 5,023 new Bitmain and MicroBT miners, representing an increase in hash rate of ~0.5 EH/s and a ~10% increase relative to the previous month. With the increase in hash rate, Cipher produced ~413 BTC in March, representing a ~4% increase in production relative to the previous month. As part of its regular treasury management process, Cipher sold ~450 BTC in March, ending the month with a balance of ~427 BTC. About CipherCipher is an eme...

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