Slide 1: August 2022
August 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: Key Updates Highlights
Key Updates Highlights • Continued timely deployment of new bitcoin mining data centers – Alborz completed – First 1.3 EH/s deployed, implying mining capacity of up to ~5.7 bitcoin per day(1) • Industry-leading bitcoin mining economics from disciplined pursuit of low-cost structure, and no debt over
Slide 4: Unique Low-Cost Structure for Large Scale Mining
Unique Low-Cost Structure for Large Scale Mining Low-Cost Scale Up to 6.9average ~$34.96 EH/s expected price Up to ~6.9 EH/s expected capacity deployment by per TH/s, with ~32.1 J/TH capacity deployment by YE 2022 efficiency(1) average early 2023 Equipment 5-year+ PPAs Multiple with relationships Mu
Slide 5: Market Update
Market Update Bitcoin Price ($USD)(1) Implications Bitcoin Price ($USD)(1) $45,000 1 Machine Prices Substantially Reduced Celsius suspends withdrawals $40,000 $26,593 – Secondary transactions at scale June 13 $35,000 reported in ~$20s and $30s per TH/s range $30,000 $25,000 2 Financing Market Update
Slide 6: Unit Economics
Unit Economics • Cipher Mining has among the strongest unit economics in bitcoin mining Prices per MWh in Texas(1) Revenue per MWh(2) $1,166 $386 $300 Network Hash Rate $250 200 EH/s 225 EH/s $200 $20k $99 $88 BTC Price $150 $100 $25k $123 $110 $50 Odessa Fixed Power Cost $0 06/01/2022 6/1/2022 06/1
Slide 7: Unit Economics
Unit Economics Prices per MWh in Texas(1) Revenue per MWh(2) $1,166 $386 Network Hash Rate $300 200 EH/s 225 EH/s $250 $200 $20k $99 $88 BTC Price $150 $100 $50 $25k $123 $110 Odessa Fixed Power Cost $0 06/01/2022 6/1/2022 06/16/2022 6/15/2022 07/01/2022 6/30/2022 07/16/2022 7/15/2022 7/30/2022 Othe
Slide 8: Milestones and Updates
Milestones and Updates • Cipher Mining has best-in-class data centers, construction processes and team members ◼ Alborz completed with ~1.3 EH/s installed (~0.64 EH/s self-mining) Data Center ◼ Bear and Chief nearing completion with all mining rigs en route to sites (~0.65 EH/s Completion total with
Slide 9: Implementation Plan & Strategy
Implementation Plan & Strategy
Slide 10: Site Development
Site Development 2022 Updated Site Forecast Site name Q1 2022 Q2 2022 Q3 2022 Q4 2022 Alborz – 40 MW Bear – 10 MW Chief – 10 MW Odessa – 205 MW 2023 Deployment Focus 1 Andrews (200 MW)(1) 2 WindHQ Sites (Up to 200+ MW)(2) Source: Cipher Mining management (1) Pending final documentation with Luminant
Slide 11: Implementation – Completion of Alborz
Implementation – Completion of Alborz Source: Cipher Mining management 11
Slide 12: Implementation – Infrastructure Deployed at Bear + Chief
Implementation – Infrastructure Deployed at Bear + Chief Chief Bear Source: Cipher Mining management 12
Slide 13: Implementation – Odessa Nearing Completion
Implementation – Odessa Nearing Completion Source: Cipher Mining management 13
Slide 14: Cipher Mining Overview Key Statistics Liquidity Profile
Cipher Mining Overview Key Statistics Liquidity Profile ~$34.96 Anticipated Weighted Average • ~$30 million of cash and ~$9 million of Cost for Mining Rigs ($/TH/s)(1) receivables from JV partner as of August 1st, 2022 • Adequate capital to complete infrastructure buildout at all initial data center
Slide 15: Consolidated Balance Sheets
Consolidated Balance Sheets Source: Cipher Mining management 15
Slide 16: Consolidated Statement of Operations
Consolidated Statement of Operations Source: Cipher Mining management 16
Slide 17: 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 18: Appendix
Cipher Mining _ Yi SS) NN
Slide 19: Statements of Changes in Stockholders' Equity (Deficit)
Statements of Changes in Stockholders’ Equity (Deficit) Source: Cipher Mining management 19
Slide 20: Consolidated Statement of Cash Flows
Consolidated Statement of Cash Flows Source: Cipher Mining management 20
Slide 21: August 2022
August 2022