Business
Cipher Mining Expands Operations at Odessa Data Center
NEW YORK, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a U.S.-based Bitcoin mining company, today
About this update from Cipher Digital Inc.
[{"type":"text","content":"NEW YORK, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a U.S.-based Bitcoin mining company, today announced it has acquired additional new mining rigs to be installed at its recently opened Odessa data center, which will bring the Company's aggregate self-mining hashrate to approximately 6 EH/s, with approximately 3 EH/s of self-mining expected to be operating by 2022 year-end. Cipher recently purchased 7,200 new rigs at very attractive prices, bringing its total self-mining fleet to roughly 59,000 rigs, with no further payments remaining. The Company was able to purchase these new rigs with minimal cash outlay and continues to demonstrate its market leadership in managing the cyclicality of prices in the bitcoin mining marketplace. “We are making rapid progress towards our goal of completing the ramp up of the Odessa data center in early 2023,” said Tyler Page, CEO of Cipher. “I am extremely proud of our team and their ability to execute despite a challenging market backdrop. In just the last year, we brought online four large data centers. We believe our unwavering focus on unit economics, a strong balance sheet, and low-cost power will make Cipher the leading miner in the bitcoin space.” Over the past twelve months, Cipher has deployed 165MW of capacity and expects to ramp up to 267MW in early 2023. The Company expects to achieve 6 EH/s of self-mining across the portfolio in early 2023. About Cipher Cipher is an emerging technology company focused on the development and operation of bitcoin mining data centers in the United States. 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 Statements This press release contains certain forward-looking statements within the meaning of the federal securities laws of the U.S. 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 stat...