Business
Cipher Mining Provides First Quarter 2022 Business Update
Began Bitcoin Mining in February 2022 Reaching Significant Milestones for Build Out Plan NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) -- Cipher Mining Inc.
About this update from Cipher Digital Inc.
[{"type":"text","content":"Began Bitcoin Mining in February 2022 Reaching Significant Milestones for Build Out Plan NEW YORK, May 10, 2022 (GLOBE NEWSWIRE) -- Cipher Mining Inc. (NASDAQ: CIFR) (\"Cipher\" or the \"Company\"), a U.S.-based Bitcoin mining company, today announced results for its first quarter ending March 31, 2022, along with an update on its operations and deployment strategy. “Our first quarter was marked by significant milestones, including the start of rig installation and mining of our first bitcoins,” said Tyler Page, CEO of Cipher. \"I am pleased to say we are meeting our goals, and we are scaling quickly as we continue to build Cipher into a leading U.S.-based Bitcoin mining enterprise.\" Operations Updates Began Bitcoin mining in February at its first data center at Alborz.First 0.3 EH/s (2,949 mining rigs) installed at Alborz facility.400 PH/s added to 2022 delivery forecast, bringing new Cipher hashrate forecast to 7.5 EH/s of equipment scheduled for delivery in 2022, with a highly efficient machine fleet averaging 32.1 J/TH.Four sites in development with an expected 275 MW of power availability by the end of 2022.Cipher’s weighted average power price is 2.73 c/kWh and anticipated weighted average cost for mining rigs is expected to be $45.01 per TH/s.Closed $46.9 million debt financing for Alborz from BlockFi Lending LLC on May 2, 2022. Business Update Call and Webcast Cipher will host a conference call and webcast today at 8:00 a.m. Eastern Time to discuss the first quarter results for 2022 and management’s outlook for future financial and operational performance. The live webcast and a webcast replay of the conference call can be accessed from the investor relations page of Cipher's website at https://investors.ciphermining.com. To access this conference call, dial (844) 689-1757 or (929) 517-0940 and use the conference ID 2635904. About Cipher Cipher is an industrial-scale Bitcoin mining company dedicated to expanding and strengthening the Bitcoin network's critical infrastructure. Cipher aims to leverage its best-in-class technology, market-leading power purchase arrangements, and a seasoned, dedicated senior management team to become a market leader in Bitcoin mining. To learn more about Cipher, please visit https://www.ciphermining.com/. Forward Looking Statements This press release contains certain forward-looking stateme...