Slide 1: Presentation for Business Update
Presentation for Business Update AUGUST 8, 2023
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: Positioned to Win – The Halving is Coming
Positioned to Win – The Halving is Coming BUILT TO SUCCEED GROWTH UPDATES ~2.7c ~96% • Long lead time items acquired for 30 MW expansions at Bear & Chief data centers Anticipated of Portfolio Weighted Avg. Energized Power Price Through Fixed • ERCOT approval for supplemental grid (c/kWh)(1) Price Po
Slide 4: Key Indicators as of July 31, 2023
Key Indicators as of July 31, 2023 SELF-MINING HASH RATE 6.8 EH/s 7.2 EH/s 8.7 EH/s 2,831 BTC Current Q3 2023E Near-Term Expansion Potential(1) Year to Date Production 16.5 BTC 518 BTC 418 BTC Production Capacity(2) BTC Held Monthly Production July Note: Values represented are approximations (1) Ass
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: Market Update
Market Update BITCOIN PRICE $USD(1) IMPLICATIONS $35,000 SEC Sues Binance Fidelity Refiles VanEck Refiles FIT Bill Passes 1 Increasing Institutional $27,125 | June 5 Bitcoin Spot ETF Bitcoin Spot ETF House Committees $32,500 $30,084 | June 29 $30,449 | June 30 $29,345 | July 27 Involvement in BTC Bl
Slide 7: Key Updates
KEY UPDATES Data Centers Update Steady Scaling ~$8,034 Weighted Avg. Electricity Cost per BTC(1) Hash Rate Growth Odessa ~$8,308 all-in electricity cost per BTC(2) ~8.7 EH/s 90.0% of BTC production(3) ~7.2 EH/s ~6.7 EH/s Alborz ~5.7 EH/s ~$6,312 all-in electricity cost per BTC(4) 5.7% of BTC product
Slide 8: Operational Highlights – Odessa
ODESSA Operational Highlights Odessa – 90.0% of BTC Production(1) ~5.8 EH/s 193 MW Operating ~2,443 BTC Mined Capacity(2) YTD(2) ~$8,308 ~14.2 Daily BTC All-in Electricity Mining Cost per BTC(3) Capacity(4) ~4.7 EH/s ~5.0 EH/s ~5.0 EH/s ~5.7 EH/s ~5.8 EH/s ~6.2 EH/s Odessa Hash Rate Deployed (EH/s)
Slide 9: Operational Highlights – Alborz
ALBORZ Operational Highlights Alborz – 5.7% of BTC Production(1) ~1.3 EH/s 40 MW Operating ~464 BTC Mined Capacity(2) YTD(3) ~$6,312 ~3.17 Daily BTC All-in Electricity Mining Cost per BTC(4) Capacity(5) (1) Reflects percentage of Cipher’s July BTC production (2) Joint venture with WindHQ LLC, of whi
Slide 10: Operational Highlights – Bear & Chief
BEAR & CHIEF Operational Highlights Bear & Chief – 4.3% of BTC Production(1) ~0.65 EH/s 20 MW Operating ~327 BTC Mined Capacity(2) YTD(3) Expansion Capacity up to 270 MW(4) ~$6,511 ~1.58 Daily BTC All-in Electricity Mining Cost per BTC(5) Capacity(6) (1) Reflects percentage of Cipher’s July BTC prod
Slide 11: Financial Update
Financial Update
Slide 12: Consolidated Balance Sheets
Consolidated June 30, 2023 December 31, 2022 (unaudited) ASSETS Balance Sheets Current assets Cash and cash equivalents $ 1,741 $ 11,927 Accounts receivable 380 98 Receivables, related party 1,614 1,102 Prepaid expenses and other current assets 2,260 7,254 Bitcoin 10,536 6,283 Derivative asset 25,78
Slide 13: Consolidated Statement of Operations
Consolidated Three Months Ended June 30, 2023 2022 Six Months Ended June 30, 2023 2022 Statement of Revenue - bitcoin mining $ 31,224 $ - $ 53,119 $ - Costs and operating expenses (income) Cost of revenue 15,868 - 24,009 - Operations General and administrative 21,335 16,704 38,755 34,094 Depreciatio
Slide 14: Non-GAAP Measures
Non-GAAP Measures The following is a reconciliation of our non-GAAP The following are reconciliations of our non-GAAP net income loss from operations, which excludes the impact of (loss) and non-GAAP basic and diluted net income (loss) per share, in each case excluding the impact of (i) depreciation
Slide 15: Appendix
Appendix
Slide 16: Statements of Changes in Stockholders' Equity (Deficit)
Statements of Changes in Stockholders’ Equity (Deficit) Three Months Ended June 30, 2023 Common Stock Additional Accumulated Treasury Stock Total Shares Amount Paid-in Capital Deficit Shares Amount Stockholders’ Equity Balance as of March 31, 2023 253,050,088 $ 253 $ 462,181 $ (117,810) (4,144,081)
Slide 17: Consolidated Statement of Cash Flows
Consolidated Six Months Ended June 30, 2023 2022 Cash flows from operating activities Statement of Net loss $ (19,302) $ (46,718) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation 26,067 15 Amortization of operating right-of-use asset 452 347 Cash