Business
Cipher Mining Provides Third Quarter 2021 Business Update
Completed Listing on Nasdaq (CIFR), Raising Net Proceeds of $391 Million Executing Plan to Develop and Deploy Five Bitcoin Mining Data Centers in 2022 Entered
About this update from Cipher Digital Inc.
[{"type":"text","content":"Completed Listing on Nasdaq (CIFR), Raising Net Proceeds of $391 Million Executing Plan to Develop and Deploy Five Bitcoin Mining Data Centers in 2022 Entered Five Year+ Power Purchase Agreements at Compelling Avg. Price of 2.72 cents per kWh Signed Purchase Agreements for Mining Rigs Capable of up to 19.5 Exahash per Second NEW YORK, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Cipher Mining, Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”), a U.S.-based Bitcoin mining company, today announced results for its third quarter ended September 30, 2021 with an update on its operational implementation plan and strategy. “As a newly formed public company, I am proud to say we are making great strides in putting in place the essential building blocks for a premier North American Bitcoin mining enterprise,” said Tyler Page, CEO of Cipher. “We have made tremendous progress deploying our new capital in a disciplined manner and, in just a few short months, plan to begin strengthening Bitcoin’s critical network infrastructure. In addition to our low-cost power purchase agreements, we have a delivery timeline for highly efficient mining rigs, and our site development is well underway here in the United States. As we respond to market dynamics and continue to exercise cost discipline, we remain laser-focused on our execution milestones and preparing the equipment to begin mining in the first quarter of 2022, with a significant ramp-up anticipated for the second half of the year.” Third Quarter 2021 Business Highlights Became a publicly listed company on Nasdaq, effective August 30, 2021, raising net proceeds of $391 million.Executed power agreements for up to 910 megawatts at a weighted average power price of approximately 2.72 cents per kWh.Entered into machine contracts for a potential total of between 115,000 and 143,000 Bitcoin mining rigs capable of generating an aggregate hashrate of up to 19.5 EH/s.Mining rig delivery is expected to begin in 2022. The weighted average cost for mining rigs is expected to be approximately $38.58 per terahash, and the weighted average mining efficiency is anticipated to be approximately 33.2 joules per terahash.Began executing strategy to develop and deploy five data centers where Bitcoin mining is expected to begin in early 2022 and ramp up significantly during the second half of 2022. Business Update Call and Webca...