Business
Cipher Mining Announces May 2023 Operational Update
Cipher Produces 493 Bitcoin with a Hash Rate Capacity of 6.0 EH/s in May 2023 NEW YORK, June 01, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR)
About this update from Cipher Digital Inc.
[{"type":"text","content":"Cipher Produces 493 Bitcoin with a Hash Rate Capacity of 6.0 EH/s in May 2023\nNEW YORK, June 01, 2023 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ:CIFR) (“Cipher” or the “Company”) today released its unaudited production and operations update for May 2023. Key Highlights Key MetricsMay 2023*BTC Mined493BTC Sold513BTC Held407Deployed Mining Rigs59,000Month 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 ...