Slide 1: Investor Presentation March 2023
Investor Presentation MARCH 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: Cipher Mining Management Team
Cipher Mining Management Team Tyler Page Ed Farrell Patrick Kelly William Iwaschuk Chief Executive Officer Chief Financial Officer Co-President Co-President 3
Slide 4: 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 5: Key Indicators as of February 28, 2023
Key Indicators as of February 28, 2023 HASHRATE MACHINES 5.2 EH/s 8.2 EH/s 48,000+ 11,000+ Current 2023 Potential(1) Operating To Be Energized 15.59 BTC 465 BTC 398 BTC Daily Production High BTC Held Monthly Production February Note: Values represented are approximations (1) Potential growth for the
Slide 6: Portfolio Snapshot
PORTFOLIO SNAPSHOT Data Centers Update Rapid Scaling Hash Rate Growth Alborz – Complete ~$5,143 all-in electricity cost per BTC(1) ~5.2 EH/s ~4.3 EH/s Bear & Chief – Complete ~$6,293 all-in electricity cost per BTC(2) ~2.8 EH/s Odessa – Developing Capable of mining up to ~12.9 BTC daily(3) December
Slide 7: Alborz Operational Highlights
ALBORZ Operational Highlights Alborz ~1.3 EH/s 40 MW Operating ~186 BTC Mined Capacity(1) YTD(2) ~$5,143 ~3.98 Daily BTC All-in Electricity Mining Cost per BTC(3) Capacity(4) (1) Joint venture with WindHQ LLC, of which Cipher owns ~0.64 EH/s (2) YTD through February 2023; Joint venture with WindHQ L
Slide 8: Bear & Chief Operational Highlights
BEAR & CHIEF Operational Highlights Bear & Chief ~0.65 EH/s 20 MW Operating ~111 BTC Mined Capacity(1) YTD(2) Expansion Capacity up to 270 MW(3) ~$6,293 ~1.99 Daily BTC All-in Electricity Mining Cost per BTC(4) Capacity(5) (1) Joint venture with WindHQ LLC, of which Cipher owns ~0.32 EH/s (2) YTD th
Slide 9: Odessa Operational Highlights
ODESSA Operational Highlights Odessa ~4.2 EH/s 143 MW Currently ~770 BTC Mined Hashing(1) to Date(1) ~6.2 EH/s ~12.9 Daily BTC Hash Rate at Mining Full Deployment(2) Capacity(3) ~1.9 EH/s ~3.3 EH/s ~4.2 EH/s ~4.7 EH/s ~6.2 EH/s Odessa Hashrate Deployed (EH/s) Growth Timeline December January Februar
Slide 10: Large Growth Opportunity – Minimal Commitment
Large Growth Opportunity – Minimal Commitment • CIPHER HAS THE POTENTIAL FOR CONTINUED HASH RATE GROWTH IN THE NEAR FUTURE • THIS EXPANSION COMES WITHOUT TAKE-OR-PAY OBLIGATIONS Built Capacity(1) 6.2 EH/s 2023 Expansion(2) 207 MW Expansion Beyond 2023(2) 207 MW 1.2 EH/s 4.6 EH/s 4.6 EH/s 4.2 EH/s 13
Slide 11: Managing through the Cycle
Managing through the Cycle BUILT TO SUCCEED LIQUIDITY SNAPSHOT ~2.7c • ~$16.4 million of total cash and bitcoin as of Anticipated February 28, 2023(2) Weighted Average Power Price • Strong balance sheet without burdensome (c/kWh)(1) debt • Purchased and fully paid for fleet of over ~31.4 59,000 mine
Slide 12: For further details and inquiries, please contact us
For further details and inquiries, please contact us at investors@ciphermining.com 12