Slide 1: Presentation for Business Update
Presentation for Business Update AUGUST 13, 2024
Slide 2: Forward-Looking Statements
Forward-Looking Statements This communication contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained i
Slide 3: Key Indicators as of July 31, 2024
Key Indicators as of July 31, 2024 SELF-MINING HASHRATE ~8.7 EH/s ~13.5 EH/s ~35.0 EH/s ~2,270 BTC Current(1) YE 2024E 2025(2) BTC Held FLEET EFFICIENCY ~2.7c Weighted Average ~27.8 J/TH ~18.6 J/TH ~15.3 J/TH Power Price Current(1) YE 2024E 2025(2) (c/kwh)3 Note: Values represented are approximation
Slide 4: Growth: New Sites in Earlier Development Phases
Growth: New Sites in Earlier Development Phases • Securing 4 new North American sites with up to 1.7 GW of capacity at early development stages expected to energize 2027-2028 Bitcoin Adoption • All sites have adequate access to consistent power, land, and fiber necessary to accommodate HPC • All sit
Slide 5: Growth: Launch of HPC Infrastructure Business
Growth: Launch of HPC Infrastructure Business CIPHER MINING CAN BECOME A MARKET-LEADING HPC INFRASTRUCTURE PROVIDER CIPHER KEY ADVANTAGES Sites Team Capital • Large scale power interconnect (100’s of • Experienced industry experts with • Significant early interest from a broad set MWs per site) expe
Slide 6: Growth: Black Pearl 300 MW
BLACK PEARL Growth: Black Pearl Black Pearl ~21.5 EH/s 300 MW Estimated Total Power Hashrate(1) Capacity • Energization expected in 2Q 2025 • Data center construction underway – Steel erection, concrete foundations, and underground electrical progressing on schedule • Design envisions 250 MW of air-
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Slide 8: Growth: Reveille 70 MW 200 MW
REVEILLE San Antonio Growth: Reveille Reveille 70 MW 200 MW Reveille Site Initial Approved Total Potential Power Capacity Power Capacity • On track to close new site in Cotulla, Texas • Site features 70 MW available in Q1 2027, with potential to expand the capacity to 200 MW - subject to regulatory
Slide 9: Current Portfolio
Current Portfolio
Slide 10: Overview
Overview ~627 MW YTD Operations Update Steady Scaling ~$15,004 All-in Electricity Cost per BTC YTD 2024(1) Power Capacity(4) ~566 MW Odessa ~327 MW ~327 MW ~$14,876 all-in electricity cost per BTC YTD 2024(2) ~266 MW ~266 MW ~86% of July 2024 BTC production 3Q24E YE 2024E 2025 Cipher JV Data Centers
Slide 11: Operational Highlights: Odessa
ODESSA Operational Highlights Odessa – 86% of BTC Production(1) ~6.9 EH/s ~11.3 EH/s Current Operating YE 2024 Operating Hashrate Hashrate(2) ~$23,563 ~207 MW ~1,622 BTC All-in Electricity Total Power BTC Mined Cost per BTC Capacity YTD(4) Post-Halving(3) (1) Reflects approximate percentage of Ciphe
Slide 12: Operational Highlights: Alborz, Bear & Chief
ALBORZ, BEAR & CHIEF Operational Highlights Alborz, Bear & Chief – 14% of BTC Production(1) ~3.7 EH/s 120 MW Operating Total Power Hashrate(2) Capacity ~$28,784 ~384 BTC All-in Electricity BTC Mined Cost per BTC YTD(4) Post-Halving(3) (1) Reflects approximate percentage of Cipher’s July 2024 BTC pro
Slide 13: Financial Update
Financial Update
Slide 14: Q2 2024 Quarter Over Quarter Financial Highlights
Q2 2024 REVENUES Quarter Over Quarter Financial Highlights $48m $37m Q1 2024 Q2 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE $40m ($15m) $0.13 ($0.05) Q1 2024 Q2 2024 Q1 2024 Q2 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $63m ($3m) $0.21 ($0.01) Q1 2024 Q2 2024 Q1 2024 Q2 2024 Note: Va
Slide 15: Q2 2024 Year Over Year Financial Highlights
Q2 2024 REVENUES Year Over Year Financial Highlights $31m $37m Q2 2023 Q2 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($13m) ($15m) ($0.05) ($0.05) Q2 2023 Q2 2024 Q2 2023 Q2 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $8m ($3m) $0.03 ($0.01) Q2 2023 Q2 2024 Q2 2023 Q2 2024 Note: Value
Slide 16: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, 2024 March 31, 2024 % Change June 30, 2024 June 30, 2023 % Change Revenue - bitcoin mining $ 36,808 $ 48,137 (24%) $ 36,808 $ 31,224 18% Costs and operating expenses (income) Cost of revenue 14,281 14,820 (4%
Slide 17: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Three Months Ended June 30, 2024 March 31, 2024 % Change June 30, 2024 June 30, 2023 % Change Reconciliation of Adjusted Earnings: Net income (loss) $ (15,291) $ 39,900 (138%) $ (15,291) $ (13,198) 16% Change in fair value of deriv
Slide 18: Consolidated Balance Sheets
Consolidated June 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets Balance Sheets Cash and cash equivalents Accounts receivable Receivables, related party $ 122,557 286 176 $ 86,105 622 245 Prepaid expenses and other current assets 3,599 3,670 Bitcoin 138,079 32,978 Derivative asset 44,7
Slide 19: Appendix
Appendix
Slide 20: Statements of Changes in Stockholders' Equity (Deficit)
Statements of Changes in Stockholders’ Equity (Deficit) Three Months Ended June 30, 2024 Common Stock Additional Accumulated Treasury Stock Total Shares Amount Paid-in Capital Deficit Shares Amount Stockholders’ Equity Balance as of March 31, 2024 312,649,102 $ 313 $ 697,494 $ (96,877) (6,105,772) $
Slide 21: Consolidated Statement of Cash Flows
Consolidated Six months ended June 30, 2024 2023 Cash flows from operating activities Statement of Net income (loss) $ 24,609 $ (17,751) Adjustments to reconcile net income (loss) to net cash used in operating activities: Depreciation 37,192 26,067 Amortization of intangible assets 303 - Cash Flows