Slide 1: March 2022
March 2022
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 Overview Summary
Cipher Mining Overview Summary • U.S. large scale bitcoin miner with key competitive advantages in power, equipment and operations • Commenced mining operations in February 2022, with significant build-out plans for 2022 and 2023 • Positioned to withstand cyclicality in bitcoin mining profitability:
Slide 4: Milestones and Updates
Milestones and Updates 1 • On February 24, 2022, Cipher Mining began mining bitcoin at Alborz data center Bitcoin Production • 100% of power to Alborz supplied by wind 2 • Non-binding term sheet for new joint venture with private investor group for ~80 New Joint Venture MW site (41 MW to Cipher) ava
Slide 5: The Evolving Bitcoin Mining Landscape
The Evolving Bitcoin Mining Landscape • Tremendous advantages to having scale in mining bitcoin • Miners and investors more comfortable with large capital allocations to projects • As miners have come to market with increasing scale, the industry is evolving and will continue to go through phases of
Slide 6: Cipher: Bitcoin Mining Platform for the U.S. Power Industry
Cipher: Bitcoin Mining Platform for the U.S. Power Industry Chief * PBJ(1) * Odessa (Up to 200 MW) (80 MW) (205 MW) Bear * Luminant 2(1) * Denotes JV site JV with WindHQ (Up to 200 MW) (200 MW) Alborz * Significant Luminant (Vistra) (40 MW) Pipeline Competitive Advantages Why It Makes Sense • “Turnk
Slide 7: Implementation Plan & Strategy
Implementation Plan & Strategy
Slide 8: Implementation Plan Update Market Update
Implementation Plan Update Market Update Bitcoin Price ($USD)(1) $70,000 $60,000 $50,000 $40,000 $30,000 11/1/2021 12/1/2021 1/1/2022 2/1/2022 3/1/2022 1 • Volatile Bitcoin prices 3• Mining rig market is evolving – Bitmain broadly launched S19 XP and S19 Pro+ Hyd. 2 • Other miners finding infrastruc
Slide 9: Implementation – Site Readiness
Implementation – Site Readiness 1 Power readiness 3 Phases 2 Infrastructure readiness 3 Mining rig readiness Power & Infrastructure Readiness by Quarter Total MW Capacity Currently Under Development 450 400 350 300 250 200 150 100 50 - Q1 2022 Q2 2022 Q3 2022 Q4 2022 Alborz Bear (1) Bear (2) Chief (
Slide 10: Implementation – Mining Rig Availability
Implementation – Mining Rig Availability • In an evolving market, we seek to maximize flexibility and be opportunistic while maintaining price discipline • $42.81 anticipated weighted average cost for mining rigs ($ / TH/s)(1) Anticipated Machine Shipping Schedule by Month Total Hash Rate (EH/s) 10.
Slide 11: Implementation – Infrastructure at Alborz
Implementation – Infrastructure at Alborz Source: Cipher Mining management 11
Slide 12: Implementation – Infrastructure at Alborz
Implementation – Infrastructure at Alborz Source: Cipher Mining management 12
Slide 13: Implementation – Infrastructure at Alborz
Implementation – Infrastructure at Alborz Source: Cipher Mining management 13
Slide 14: Implementation – Odessa Progress
Implementation – Odessa Progress Source: Cipher Mining management 14
Slide 15: Key Statistics
Key Statistics $42.81 Anticipated Weighted Average Cost for Mining Rigs ($ / TH/s)(1) 33.8 Anticipated Weighted Average Mining Rig Efficiency (J / TH/s)(1) ~2.73c Anticipated Weighted Average Power Price (c / kWh)(2) ~$450k Anticipated Infrastructure Capex Costs per MW ($)(3) Source: Cipher Mining m
Slide 16: Consolidated Balance Sheets
Consolidated Balance Sheets Source: Cipher Mining management 16
Slide 17: Consolidated Statement of Operations
Consolidated Statement of Operations Source: Cipher Mining management 17
Slide 18: Non-GAAP Measures
Non-GAAP Measures The following is a reconciliation of our non-GAAP loss The following are reconciliations of our non-GAAP net from operations, which excludes the impact of (i) loss and non-GAAP basic and diluted net loss per share, depreciation of fixed assets and (ii) stock compensation in each ca
Slide 19: Appendix
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Slide 20: Statements of Changes in Stockholders’ Equity (Deficit)
Statements of Changes in Stockholders’ Equity (Deficit) Source: Cipher Mining management 20
Slide 21: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Source: Cipher Mining management 21
Slide 22: March 2022
March 2022