Slide 1: Presentation for Business Update
Presentation for Business Update MAY 7, 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: First Quarter 2024 Update
First Quarter 2024 Update REVENUES GAAP NET EARNINGS ADJUSTED EARNINGS $43m $48m $11m $40m $28m $63m Q4 2023 Q1 2024 Q4 2023 Q1 2024 Q4 2023 Q1 2024 $96m 2,033 BTC 7.7 EH/s Cash(1) BTC Held(1) Self-Mining Hash Rate (1) Note: Values represented are approximations (1) As of April 30, 2024 3
Slide 4: Built to Succeed and Positioned to Win
Built to Succeed and Positioned ~2.7c 96% to Win Anticipated of Cipher’s Post-Halving Weighted Average Portfolio Energized Power Price Through Fixed (c/kWh)(1) Price Power ~29.0 J/TH ~22.0 J/TH Current Operating 2025 Expected Fleet Fleet Efficiency Efficiency(2) (1) Represents the expected weighted
Slide 5: Bear & Chief Expansions
Bear & Chief Expansions 30 MW Expansion at Each of Bear and Chief JV Data Centers • Delivering ~1.25 EH/s of self-mining hash rate for Cipher • Full energization on track for Q2 2024
Slide 6: Odessa Timeline Comparison
Odessa Timeline Comparison Odessa Data Center Odessa Data Center Pre-Construction November 2022 14 Months 6
Slide 7: Black Pearl Expansion
Black Pearl Expansion Black Pearl Data Center Construction Commenced • Delivering 300 MW of total capacity • Full energization expected in 2025
Slide 8: Black Pearl Facility 3D Rendering
Black Pearl Facility 3D Rendering
Slide 9: Bitcoin Mining Business Model
Bitcoin Mining Business Model POWER SOURCE MINING EQUIPMENT BITCOIN NETWORK Computing Power Transaction Electricity Processing Transaction Fees Electricity Cost Assignment Bitcoin Reward of Rewards Bitcoin Mining Dynamics Data center Average block Block reward Current block Transaction revenue inclu
Slide 10: Market Update
Market Update BTC PRICE & NETWORK HASH RATE(1,2) 1 The Halving has Passed $80,000 770 All-Time High All-Time High Bitcoin Price Hash Rate $73,094 | Mar. 14 $63,824 | Apr. 20 Network Hash Rate (EH/s) $72,500 698 2 Supply/Demand Imbalance Bitcoin Price Incoming? $65,000 625 $57,500 553 Bitcoin Surpass
Slide 11: Key Updates
KEY UPDATES ~566 MW Data Centers Update Steady Scaling ~$11,912 All-in Electricity Cost per BTC in Q1 ‘24 Anticipated Power Capacity & Hash Rate Growth Odessa ~266 MW ~266 MW ~236 MW ~$11,892 all-in electricity cost per BTC(1) ~90% of Q1 ‘24 BTC production Alborz Current 2Q24E 3Q24E 2025 ~$11,234 al
Slide 12: Operational Highlights - Odessa
ODESSA Operational Highlights Odessa – 90% of BTC Production(1) ~6.7 EH/s 207 MW Operating Operating Hash Rate Power Capacity ~$11,892 ~1,183 BTC All-in Electricity BTC Mined Cost per BTC(2) YTD(3) (1) Reflects approximate percentage of Cipher’s April 2024 BTC production (2) Reflects electricity cos
Slide 13: Operational Highlights - Alborz
ALBORZ Operational Highlights Alborz – 7% of BTC Production(1) ~1.3 EH/s 40 MW Operating Operating Hash Rate(2) Power Capacity ~$11,234 ~168 BTC All-in Electricity BTC Mined Cost per BTC(3) YTD(4) (1) Reflects approximate percentage of Cipher’s April 2024 BTC production (2) Joint venture with WindHQ
Slide 14: Operational Highlights - Bear & Chief
BEAR & CHIEF Operational Highlights Bear & Chief – 3% of BTC Production(1) ~0.7 EH/s 20 MW Operating Operating Hash Rate(2) Power Capacity ~$13,546 ~96 BTC All-in Electricity BTC Mined Cost per BTC(3) YTD(4) (1) Reflects approximate percentage of Cipher’s April 2024 BTC production (2) Joint venture
Slide 15: Financial Update
Financial Update
Slide 16: Financial Highlights – Quarter Over Quarter
Financial Highlights – Quarter Over Quarter REVENUES COMPENSATION & BENEFITS + G&A $43m $48m $23m $19m Q4 2023 Q1 2024 Q4 2023 Q1 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE $11m $40m $0.04 $0.13 Q4 2023 Q1 2024 Q4 2023 Q1 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $28m $63m $0.11 $0.
Slide 17: Financial Highlights – Year Over Year
Financial Highlights – Year Over Year REVENUES COMPENSATION & BENEFITS + G&A $22m $48m $17m $19m Q1 2023 Q1 2024 Q1 2023 Q1 2024 GAAP NET EARNINGS GAAP NET EARNINGS PER SHARE ($5m) $40m ($0.02) $0.13 Q1 2023 Q1 2024 Q1 2023 Q1 2024 ADJUSTED EARNINGS ADJUSTED EARNINGS PER SHARE $8m $63m $0.03 $0.21 Q
Slide 18: Results of Operations QoQ and YoY Comparison
Results of Operations QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, 2024 December 31, 2023 % Change March 31, 2024 March 31, 2023 % Change Revenue - bitcoin mining $ 48,137 $ 43,419 11% $ 48,137 $ 21,895 120% Costs and operating expenses (income) Cost of revenue 14,820 13,29
Slide 19: Non-GAAP Adjusted Earnings QoQ and YoY Comparison
Non-GAAP Adjusted Earnings QoQ and YoY Comparison Three Months Ended Three Months Ended March 31, 2024 December 31, 2023 % Change March 31, 2024 March 31, 2023 % Change Reconciliation of Adjusted Earnings: Net income (loss) $ 39,900 $ 10,595 277 % $ 39,900 $ (4,553) (976)% Change in fair value of de
Slide 20: Consolidated Balance Sheets
Consolidated March 31, 2024 December 31, 2023 (unaudited) ASSETS Current assets Balance Sheets Cash and cash equivalents Accounts receivable Receivables, related party $ 88,675 680 430 $ 86,105 622 245 Prepaid expenses and other current assets 2,910 3,670 Bitcoin 123,307 32,978 Derivative asset 34,2
Slide 21: Appendix
Appendix
Slide 22: Statements of Changes in Stockholders’ Equity
Statements of Changes in Stockholders’ Equity (Deficit) Three Months Ended March 31, 2024 Common Stock Additional Accumulated Treasury Stock Total Shares Amount Paid-in Capital Deficit Shares Amount Stockholders’ Equity Balance as of December 31, 2023 296,276,536 $ 296 $ 627,822 $ (136,777) (5,318,6
Slide 23: Consolidated Statement of Cash Flows
Consolidated Three months ended March 31, 2024 2023 Cash flows from operating activities Statement of Net income (loss) $ 39,900 $ (4,553) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 17,097 11,655 Amortization of intangible assets 1