Slide 1: Presentation for Needham Growth Conference
Presentation for Needham Growth Conference JANUARY 12, 2023
Slide 2: Safe Harbor
Safe Harbor • This presentation has been prepared by Cipher Mining Inc. and is made for informational purposes only. The information set forth herein does not purport to be complete or to contain all of the information you may desire. You must evaluate, and bear all risks associated with, the use of
Slide 3: Cipher Mining Team Page
Cipher Mining Team Page Tyler Page Ed Farrell Patrick Kelly Chris Totin Bryan Keller Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Construction Officer Chief Technology Officer 3
Slide 4: Operational Highlights
Operational Highlights August 4th Board Meeting Cipher Mining is at a key inflection point as the company transitions from a greenfield development story to a best-in-class operator 2022 DEVELOPMENT HIGHLIGHTS 2023 OPERATIONAL OBJECTIVES 1 Completed Alborz, Bear and Chief 1 ~6 EH/s of Self-Mining wi
Slide 5: Cipher Mining's Business Model
Cipher Mining’s 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 incl
Slide 6: Low Cost Scale
UNIQUE LOW-COST STRUCTURE FOR LARGE SCALE MINING Low Cost Scale Diversified structures to 5-year+ PPAs with average power price of ~2.7 c/kWh(1) POWER optimize for lowest operational costs >59,000 new mining rigs Up to ~7.0 EH/s expected with an average efficiency EQUIPMENT self-mining capacity of 3
Slide 7: Operational Highlights: Alborz
ALBORZ Operational Highlights Alborz ~1.3 EH/s 40 MW Operating ~196 BTC Mined Capacity(1) in Q3 2022 ~$4,571 ~4.68 Daily BTC All-in Electricity Mining Cost per BTC(2) Capacity(3) (1) Joint venture with WindHQ LLC, of which Cipher owns ~0.64 EH/s (2) Includes taxes, customer charges, and 2021 storm s
Slide 8: Operational Highlights: Bear & Chief
BEAR & CHIEF Operational Highlights Bear ~0.3 EH/s 10 MW Operating ~1.17 Daily BTC Mining Capacity(1) Capacity(2) Expansion Capacity up to 135 MW(3) Chief ~0.3 EH/s 10 MW Operating ~1.17 Daily BTC Mining Capacity(1) Capacity(2) Expansion Capacity up to 135 MW(3) (1) Joint venture with WindHQ LLC, of
Slide 9: Significant Progress at Odessa
ODESSA Significant Progress at Odessa ODESSA October November December January February POWER 35 MW 70 MW 105 MW 177 MW 207 MW SCHEDULE ODESSA ~2.0 EH/s ~5.0 EH/s EXPECTED Hashrate Deployed (EH/s) HASHRATE TIMELINE Q4 2022E Q1 2023E Note: ~35 MW of excess power & infrastructure capacity beyond curre
Slide 10: Mined ~225 BTC in December 2022
KEY BUILDOUT STATISTICS KEY OPERATIONAL STATISTICS ~$30.65 ~31.4 Mined ~225 BTC in December 2022 – a Anticipated Anticipated Weighted Average Weighted Average ~137% increase vs the previous month Cost for Mining Rigs Mining Rig Efficiency ($/TH/s)(1) (J/TH)(1) In December 2022, expanded hash rate by